Question 20Selected information from the separate and consolidated income statements of PosterCorporation and its subsidiary, Sign Company for the year ended December 31, 20x2are as follows:Poster Corp.Sign Co.ConsolidatedSalesP 600,000P 420,000P 924,000Cost of Goods Sold450,000335,000693,000Gross ProfitP 150,00085,000P 231,000During 2025, Poster Corporation sold goods to Sign Company at the same mark-up oncost that Poster uses for all sales. At December 31, 20x2, Sign had not paid all of thesegoods and still held 25% of them in inventory.What is the amount of intercompany sale of inventory?

Inter company sales are the sales made by the head office to their subsidiaries at a lower or equal…

Answered: m the separate and consolidated…

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m the separate and consolidated sidiary, Sign Company for the year

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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