Get correct answer accounting Williamson Corporation acquired two inventory itemsat a lump-sum cost of $40,000. The acquisition included3,000 units of product CF and 7,000 units of product 3B.CF normally sells for $12 per unit and 3B for $4 per unit.If Williamson sells 1,000 units of CF, what amount ofgross profit should it recognize?

Step 1: Determine the total sales value of each productStep 2: Allocate the lump-sum acquisition…

Answered: Williamson Corporation acquired two…

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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Oriole Corporation acquired two inventory items at a lump-sum cost of $123000. The acquisition included 3090 units of product LF, and 6180 units of product 1B. LF normally sells for $30 per unit, and 1B for $10 per unit. If Oriole sells 1030 units of LF, what amount of gross profit should it recognize?
Sandhill Corporation acquired two inventory items at a lump-sum cost of $128000. The acquisition included 3240 units of product LF, and 6480 units of product 1B. LF normally sells for $30 per unit, and 1B for $10 per unit. If Sandhill sells 1080 units of LF, what amount of gross profit should it recognize? O $2267. O $32400. O $36720. O $6800.
Sandhill Corporation acquired two inventory items at a lump-sum cost of $62500. The acquisition included 5700 units of knife X001, and 5700 units of knife X002. X001 normally sells for $40 per unit, and X002 for $10 per unit. If Sandhill sells 1200 units of X002. what amount of gross profit should it recognize? (Round percentage value and per unit value to 2 decimal places, eg 52.75) O $9372. $2628. O $12000, O$1200.
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Martindale Company, a 100% owned subsidiary of Weisman Corporation, sells inventory to Weisman at a 20% profit on selling price. The following data are available pertaining to inter-company purchases by Weisman: Inter-company sales: Unsold at year end (based on selling price): 2020: $18,000 2020: $4,000 2021: $19,400 2021: $6,000 2022: $21,500 2022: $8,000 Martindale's profit numbers were $125,000, $142,000 and $265,000 for 2020, 2021, and 2022, respectively. Weisman received dividends from Martindale of $25,000 for 2020 and 2021, and $30,000 for 2022. Assume the acquisition was on January 1, 2020 and that Weisman uses the cost method to account for its investment in Martindale. Compute the amount of beginning of year [ADJ] adjustment necessary for consolidation for the year ended December 31, 2021. Select one: A. $125,000 B. $ 99,200 C. $100,000 D. $124,200
The following are several figures reported for Allister and Barone as of December 31, 2021: Inventory Sales Investment income Cost of goods sold Operating expenses Allister Barone $ 610,000 $ 410,000 1,220,000 1,020,000 not given 610,000 285,000 510,000 355,000 Allister acquired 90 percent of Barone in January 2020. In allocating the newly acquired subsidiary's fair value at the acquisition date, Allister noted that Barone had developed a customer list worth $78,000 that was unrecorded on its accounting records and had a six- year remaining life. Any remaining excess fair value over Barone's book value was attributed to goodwill. During 2021, Barone sells inventory costing $141,000 to Allister for $202,000. Of this amount, 20 percent remains unsold in Allister's warehouse at year-end. Determine balances for the following items that would appear on Allister's consolidated financial statements for 2021: Inventory Sales Cost of goods sold Operating expenses Net income attributable to…
The following are several figures reported for Allister and Barone as of December 31, 2021: Allister Inventory Sales Investment income Cost of goods sold Operating expenses $ 620,000 $ Barone 420,000 1,240,000 1,040,000 not given 620,000 290,000 520,000 360,000 Allister acquired 90 percent of Barone in January 2020. In allocating the newly acquired subsidiary's fair value at the acquisition date, Allister noted that Barone had developed a customer list worth $80,000 that was unrecorded on its accounting records and had a four-year remaining life. Any remaining excess fair value over Barone's book value was attributed to goodwill. During 2021, Barone sells inventory costing $142,000 to Allister for $204,000. Of this amount, 10 percent remains unsold in Allister's warehouse at year- end. Determine balances for the following items that would appear on Allister's consolidated financial statements for 2021: Inventory Sales Cost of goods sold Operating expenses Net income attributable to…
The following are several figures reported for Allister and Barone as of December 31, 2021: Inventory Sales Investment income Cost of goods sold Operating expenses Allister Barone $ 530,000 $ 330,000 860,000 1,060,000 not given 530,000 245,000 430,000 315,000 Allister acquired 90 percent of Barone in January 2020. In allocating the newly acquired subsidiary's fair value at the acquisition date, Allister noted that Barone had developed a customer list worth $62,000 that was unrecorded on its accounting records and had a four-year remaining life. Any remaining excess fair value over Barone's book value was attributed to goodwill. During 2021, Barone sells inventory costing $133,000 to Allister for $186,000. Of this amount, 10 percent remains unsold in Allister's warehouse at year-end. Determine balances for the following items that would appear on Allister's consolidated financial statements for 2021:
Pearl company acquired 80% of Coral company on January 1, 2020. On December 2021 Pearl reported sales of $1,700,000, cost of goods sold of $800,000 and operating expenses of 250,000. Coral reported sales of $900,000, cost of goods sold of $400,000 and operating expenses $120,000. Coral sold inventory costing $150,000 to Pearl for $200,000. 40% of the goods transferred remain in ending inventory at transfer price. Required: 1. Calculate consolidated cost of goods sold. 2. Prepare consolidation entry 'G'. 3. Calculate net income attributable to noncontrolling interest. 4. Explain how net income attributable to noncontrolling interest would differ assuming the transfer is downstream. NO CALCULATION IS REQUIRED.
Star Company expects to sell Division S next year. Division S meets the criteria to be a component unit of Star Company. At the end of this year, Star Company estimates the fair value of Division S at $320,000, and the net book value of Division S is $280,000. Based on the information, what is Star Company's pretax gain (loss) on the held-for-sale component? a. $320,000 gain b. $40,000 gain c. $40,000 loss d. $320,000 loss

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