Please do not give solution in image format thanku For consolidation purposes, what amount would be debited to cost of goods sold for the 2021 consolidation worksheet with regard to theunrecognized intra-entity gross profit remaining in ending inventory with respect to the 2021 transfer of merchandise?Multiple ChoiceO$3.000$800.$1,000$900$2.400G Anderson Company, a 90% owned subsidiary of Philbin Corporation, transfers inventory to Philbin at a 25% gross profit rate. The followingdata are available pertaining specifically to Philbin's intra-entity purchases from Anderson. Anderson was acquired on January 1, 2020Purchases by PhilbinEnding inventory onPhilbin's books202020212022$8,000 $12,000 $15,0001,200. 4,000Anderson's net incomeDividends paid by:AndersonAssume the equity method is used. The following data are available pertaining to Anderson's income and dividends.3,00020202021$70,000$85,00010,000 10,0002022$94, 00015,000.For consolidation purposes, what amount would be debited to cost of goods sold for the 2021 consolidation worksheet with regard to theunrecognized intra-entity gross profit remaining in ending inventory with respect to the 2021 transfer of merchandise?

Consolidated financial statements are those financial statements which are prepared by parent…

For consolidation purposes, what amount would be debited to cost of goods sold for the 2021 consolidation worksheet with regard to the unrecognized intra-entity gross profit remaining in ending inventory with respect to the 2021 transfer of merchandise? Multiple Choice $3.000 O $800. $1,000 $900 $2.400 G

For consolidation purposes, what amount would be debited to cost of goods sold for the 2021 consolidation worksheet with regard to the unrecognized intra-entity gross profit remaining in ending inventory with respect to the 2021 transfer of merchandise? Multiple Choice $3.000 O $800. $1,000 $900 $2.400 G

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Chapter1: Financial Statements And Business Decisions

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Question

Please do not give solution in image format thanku

For consolidation purposes, what amount would be debited to cost of goods sold for the 2021 consolidation worksheet with regard to the
unrecognized intra-entity gross profit remaining in ending inventory with respect to the 2021 transfer of merchandise?
Multiple Choice
O
$3.000
$800.
$1,000
$900
$2.400
G

Anderson Company, a 90% owned subsidiary of Philbin Corporation, transfers inventory to Philbin at a 25% gross profit rate. The following
data are available pertaining specifically to Philbin's intra-entity purchases from Anderson. Anderson was acquired on January 1, 2020
Purchases by Philbin
Ending inventory on
Philbin's books
2020
2021
2022
$8,000 $12,000 $15,000
1,200. 4,000
Anderson's net income
Dividends paid by:
Anderson
Assume the equity method is used. The following data are available pertaining to Anderson's income and dividends.
3,000
2020
2021
$70,000
$85,000
10,000 10,000
2022
$94, 000
15,000.
For consolidation purposes, what amount would be debited to cost of goods sold for the 2021 consolidation worksheet with regard to the
unrecognized intra-entity gross profit remaining in ending inventory with respect to the 2021 transfer of merchandise?

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