On June 1, 2020, P Co. acquired 80% of the outstanding shares of s Co. at an amount P200,000 less than the fair value of the net assets. On this date, the carrying value of the net assets of S Co. was P1,800,000 and its fair value was P2,000,000. attributable to inventories. P Co. opted to measure NCI at fair value. Selected financial data unsold at the end of the year. Another downstream sale was made for P1,190,000 of which 30% remains unsold at the end of the year. P Co. and S Co: used the same rate of markup on The difference is are available: P Co. P7,540,000 35,000 20% of sales (both company) S Co. P4,760,000 Sales, including intra-group sales Dividends received Expenses During the year, an upstream sale was made amounting to P602,000 of which 20% remains cost: 40% for all types of sales. Required: 1. The consolidated cost of sales at the Dec 31, 2020 amounted to: 2. The Non-controlling interest at December 31, 2020 amounted to:
On June 1, 2020, P Co. acquired 80% of the outstanding shares of s Co. at an amount P200,000 less than the fair value of the net assets. On this date, the carrying value of the net assets of S Co. was P1,800,000 and its fair value was P2,000,000. attributable to inventories. P Co. opted to measure NCI at fair value. Selected financial data unsold at the end of the year. Another downstream sale was made for P1,190,000 of which 30% remains unsold at the end of the year. P Co. and S Co: used the same rate of markup on The difference is are available: P Co. P7,540,000 35,000 20% of sales (both company) S Co. P4,760,000 Sales, including intra-group sales Dividends received Expenses During the year, an upstream sale was made amounting to P602,000 of which 20% remains cost: 40% for all types of sales. Required: 1. The consolidated cost of sales at the Dec 31, 2020 amounted to: 2. The Non-controlling interest at December 31, 2020 amounted to:
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:On June 1, 2020, P Co. acquired 80% of the outstanding shares of s Co. at an amount
P200,000 less than the fair value of the net assets. On this date, the carrying value of the net
assets of S Co. was P1,800,000 and its fair value was P2,000,000.
attributable to inventories. P Co. opted to measure NCI at fair value. Selected financial data
unsold at the end of the year. Another downstream sale was made for P1,190,000 of which
30% remains unsold at the end of the year. P Co. and S Co: used the same rate of markup on
The difference is
are available:
P Co.
P7,540,000
35,000
20% of sales (both company)
S Co.
P4,760,000
Sales, including intra-group sales
Dividends received
Expenses
During the year, an upstream sale was made amounting to P602,000 of which 20% remains
cost: 40% for all types of sales.
Required:
1. The consolidated cost of sales at the Dec 31, 2020 amounted to:
2. The Non-controlling interest at December 31, 2020 amounted to:
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education