Hodge Co. owns 90 percent of the voting common shares of Bison Co. During 2022, Hodge had sales of $112 milion and cost of goods sold of $84OK. Additionally, in 2022, Bison record sales of $420K and cost of goods sold of $252K. In the amounts report for Bison's sales were intra-entity gross profits related to Bison's intra-entity transfer of merchandise to Hodge for $140K. (Note: there were no intra-entity transfers from Hodge to Bison) Intra-entity transfers had the same markup as sales to outsiders. At the end of 2022, Hodge stal had 40 percent of the Intra-entity gross profit remaining in ending Inventory. What are consolidated sales and cost of goods sold for 2022? Multiple Choice $1.54M sales and $1078M COGS $1.4M sales and S052K COGS. S1AM sales and S6K CoGs. $1.4M sales and 5974.4K COGS $154M sales and $1092M COGS

Hodge Co. owns 90 percent of the voting common shares of Bison Co. During 2022, Hodge had sales of $112 milion and cost of goods sold of $84OK. Additionally, in 2022, Bison record sales of $420K and cost of goods sold of $252K. In the amounts report for Bison's sales were intra-entity gross profits related to Bison's intra-entity transfer of merchandise to Hodge for $140K. (Note: there were no intra-entity transfers from Hodge to Bison) Intra-entity transfers had the same markup as sales to outsiders. At the end of 2022, Hodge stal had 40 percent of the Intra-entity gross profit remaining in ending Inventory. What are consolidated sales and cost of goods sold for 2022? Multiple Choice $1.54M sales and $1078M COGS $1.4M sales and S052K COGS. S1AM sales and S6K CoGs. $1.4M sales and 5974.4K COGS $154M sales and $1092M COGS

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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