PP Co. regularly sells merchandise to its 80%-owned subsidiary, SS Co. In 2021, PP sold merchandise to SS that cost P64,000 for P80,000. Half of the merchandise remained in the inventory of SS as of December 31, 2021. During 2022, PP sold merchandise that cost P100,000 to SS for P125,000. 60% of the 2022 inter company sale was resold to the customers of SS. Selected profit or loss items for 2022 are provided below: PP SS Sales P600,000 P300,000 Cost of sales 480,000 250,000 Operating expenses 40,000 20,000 How much is the consolidated cost of sales? A. 607,000 B. 603,000 C. 732,000 D. 853,000 How much is the consolidated net income attributable to the parent for 2022? A 102,000 B. None of the choices C. 108,000 D. 102,400 How much is the consolidated sales for 2022? A. 855,000 B. 800,000 C. 900,000 D. 775.000 How much is the consolidated net income attributable to the non-controlling interest for 2022? A. None of the choices B. 6,400 C. 5,600 D. 6.000
PP Co. regularly sells merchandise to its 80%-owned subsidiary, SS Co. In 2021, PP sold merchandise to SS that cost P64,000 for P80,000. Half of the merchandise remained in the inventory of SS as of December 31, 2021. During 2022, PP sold merchandise that cost P100,000 to SS for P125,000. 60% of the 2022 inter company sale was resold to the customers of SS. Selected profit or loss items for 2022 are provided below:
PP SS
Sales P600,000 P300,000
Cost of sales 480,000 250,000
Operating expenses 40,000 20,000
How much is the consolidated cost of sales?
A. 607,000 B. 603,000 C. 732,000 D. 853,000
How much is the consolidated net income attributable to the parent for 2022?
A 102,000 B. None of the choices C. 108,000 D. 102,400
How much is the consolidated sales for 2022?
A. 855,000 B. 800,000 C. 900,000 D. 775.000
How much is the consolidated net income attributable to the non-controlling interest for 2022?
A. None of the choices B. 6,400 C. 5,600 D. 6.000
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