Phone Corporation owns 80 percent of Smart Company's stock. At the end of 20X8, Phone and Smart reported the following partialoperating results and inventory balances:Total salesSales to Smart CompanySales to Phone CorporationNet incomeOperating income (excluding investment income from Smart)Inventory on hand, December 31, 20x8, purchased from:Smart CompanyPhone CorporationPhoneCorporation$ 700,000148,400Amount of sales77,00049,680Required:a. What amount of sales will be reported in the consolidated income statement for 20X8?Amount of cost of goods soldSmart Company$ 522,000Phone regularly prices its products at cost plus a 40 percent markup for profit. Smart prices its sales at cost plus a 20 percent markup.The total sales reported by Phone and Smart include both intercompany sales and sales to nonaffiliates.248,40027,00044,520b. What amount of cost of goods sold will be reported in the 20X8 consolidated income statement?Note: Do not round intermediate calculations and round your final answers to nearest whole dollar amount.c. What amount of consolidated net income and income to controlling interest will be reported in the 20X8 consolidated incomestatement? c. What amount of consolidated net income and income to controlling interest will be reported in the 20X8 consolidated incomestatement?Consolidated net incomeIncome to controlling interestd. What balance will be reported for inventory in the consolidated balance sheet for December 31, 20X8?Inventory

A collection of financial reports generated by a parent business that integrates the financial…

otal sales les to Smart Company les to Phone Corporation et income perating income (excluding investment income from Smart) ventory on hand, December 31, 20x8, purchased from: art Company mone Corporation Phone Corporation $ 700,000 148,400 77,000 49,680 Smart Company $ 522,000 248,400 27,000 44,520 ne regularly prices its products at cost plus a 40 percent markup for profit. Smart prices its sales at cost plus a 20 percent mar total sales reported by Phone and Smart include both intercompany sales and sales to nonaffiliates. wired:

otal sales les to Smart Company les to Phone Corporation et income perating income (excluding investment income from Smart) ventory on hand, December 31, 20x8, purchased from: art Company mone Corporation Phone Corporation $ 700,000 148,400 77,000 49,680 Smart Company $ 522,000 248,400 27,000 44,520 ne regularly prices its products at cost plus a 40 percent markup for profit. Smart prices its sales at cost plus a 20 percent mar total sales reported by Phone and Smart include both intercompany sales and sales to nonaffiliates. wired:

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

VAT is 15%
d t nces SLR Corporation has 500 units of each of its two products in its year-end inventory. Per unit data for each of the products are as follows: Cost Replacement cost Selling price Selling costs Normal profit Product 1 $ 53 51 73 Required 1 Determine the carrying value of SLR's inventory assuming that the lower of cost or market (LCM) rule is applied to individual products. What is the before-tax income effect of the LCM adjustment? Complete this question by entering your answers in the tabs below. Product Cost 9 13 Required 2 Product 2 $ 37 29 39 7 11 Determine the carrying value of SLR's inventory assuming that the lower of cost or market (LCM) rule is applied to individual products. Market Per Unit Inventory Value Unit Cost Lower of Cost or Market
answer in text form please (without image), Note: .Every entry should have narration please
Required: 1. Prepare a traditional income statement. 2. Prepare a contribution format income statement. I cannot for the life of me figure out the second portion of this.
vs
Please do not give solution in image format thanku
W. Region E. Region Stock Inc. Darby Corp $ Cost of goods sold 590,000 1,050,000 301,000 200,000 + Operating income (loss) + $ + $ + Cust-level oper. costs 54,110 50,670 35,250 29,600 Total = Total customer-level costs 644,110 1,100,670 336,250 229,600 = || || GA GA CA Now prepare a customer-cost hierarchy report. (Use parentheses or a minus sign to enter an operating loss. Abbreviations used: W. = West; E. = East; Dist. = Distribution; oper. = operating; inc. = income.) EA Customer Distribution Channels Wholesale Customers Total W. Region E. Region Wholesale Wholesaler Wholesaler Retail Customers Total Retail Stock Inc. Darby Corp
Number of units produced and sold Sales Cost of goods sold Gross margin Selling and administrative expenses Net operating income (loss) Basic Advanced Total 20,000 10,000 $ 30,000 $ $ 3,000,000 2,000,000 5,000,000 2,300,000 1,350,000 3,650,000 700,000 650,000 1,350,000 720,000 480,000 1,200,000 $ (20,000) $170,000 $150,000 Direct laborers are paid $20 per hour. Direct materials cost $40 per unit for the Basic model and $60 per unit for the Advanced model. Koontz is considering a change from plantwide overhead allocation to a departmental approach. The overhead costs in the company's Molding Department would be allocated based on machine-hours and the overhead costs in its Assemble and Pack Department would be allocated based on direct labor-hours. To enable further analysis, the controller gathered the following information: Manufacturing overhead $ 787,500 costs Direct labor hours: Basic Advanced Machine hours: Basic Advanced Required: Molding Assemble and Pack $562,500 Total $…
# of Units Unit Cost ($) Total Cost ($) 1/1 Beg. Inventory 100 2 200 1/20 Purchase 300 4 1,200 7/25 Purchase 50 3 150 10/20 Purchase 250 5 1,250 Available for sale 700 units $2,800 Sales for the year were 550 units for $5,000 in total. Required: Answer 1. (a) through (i) and 2. (1) through (3). 1. Base on the above information, calculate (round to the nearest cent): The cost of the ending inventory for the following methods: FIFO (a) LIFO (b) Weighted Average (c) The cost of merchandise sold for the following methods: FIFO (d) LIFO (e) Weighted Average (f)
Please do not give solution in image format thanku
Calculate the gross profit percentage for the sale to Sarah’s cycles
K The following data was extracted from the records of Today Company 300 units at $45 per unit 50 units at $14 per unit 300 units at $16 per unit Sales revenue Beginning inventory Purchases What is the gross profit using the LIFO method? OA. $8,000 OB. $8,700 OC. $9,300 OD. $8,800 L