What is the unrealized profit in inventory on Dec 31, 20X3?What is the unrealized profit in inventory on Dec 31, 20X4?What is Consolidated Inventory on Dec 31, 20X4?What is Noncontrolling interest share of Saucer's net income? Plate has owned 70% of Saucer for the past five years, and at the time of purchase,the book value of Saucer's assets and liabilities equaled the fair value. The cost ofthe 70% investment was equal to 70% of the book value of Saucer's net assets. Atthe time of purchase, the fair values and book values of Saucer's assets andliabilities were equal. Presented below are several figures reported for PlateCorporation and Saucer Industries as of December 31, 20X4:InventorySalesCost of Goods SoldExpensesPlate$120,000200,000130,00040,000Saucer$60,000140,00080,00030,000In 20X3, Saucer sold inventory to Plate which had cost $40,000 for $60,000. 25% ofthis inventory remained on hand at December 31, 20X3, but was sold in 20X4. In20X4, Saucer sold inventory to Plate which had cost $30,000 for $45,000. 40% ofthis inventory remained unsold at December 31, 20X4.

The process of consolidating financial statements of related businesses into a single group is known…

What is the unrealized profit in inventory on Dec 31, 20X3?What is the unrealized profit in inventory on Dec 31, 20X4?What is Consolidated Inventory on Dec 31, 20X4?What is Noncontrolling interest share of Saucer's net income?

What is the unrealized profit in inventory on Dec 31, 20X3?What is the unrealized profit in inventory on Dec 31, 20X4?What is Consolidated Inventory on Dec 31, 20X4?What is Noncontrolling interest share of Saucer's net income?

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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