I need answer of this question general 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?

Explanation: In the given case, we are required to calculate the amount of gross profit to be…

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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3. Abbot Company purchased 80% of Costello Company on January 1, 20X1. The purchase price paid was $600,000. On that day, the book value of Costello was $500,000. Excess of cost over book value is due to goodwill. Included in Costello's income are intercompany sales to Abbot of $40,000 with a cost to Costello of $25,000. 30% of this inventory is on hand in the Abbot inventory at December 31, 20X3. In addition, inventory sold at a profit of $5,000 was in the inventory of Abbot at December 31, 20X2. Complete the consolidation worksheet. First, complete the financial statements below. Below are the balances of accounts of Abbot and Costello at December 31, 20X3. Consolidation Entries Consolidated Bal. Abbot Costello Dr. Cr. Sales $50,000 $250,000 Expenses 30,000 150,000 Income from S.…
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
Monroe Company purchased 80% of Adams Company on January 1, 2OX1. The purchase price paid was $600,000. On that day, the book value of Adams was $500,000. Excess of cost over book value is due to goodwill. Included in Adams's income are intercompany sales to Monroe of $40,000 with a cost to Adams of $25,000. 30% of this inventory is on hand in the Monroe inventory at December 31, 20X3. In addition, inventory sold at a profit of $5,000 was in the inventory of Monroe at December 31, 20X2. Adams reported income of $100,000 in 20x3 but paid no dividends. а. Prepare a schedule of Excess of Cost over Book Value at the date of purchase. b. For 20X3, prepare on the books of Monroe the full equity method journal entries. Dr. Cr.
a. What is the consolidated inventory for 20x6? b. What is the consolidated cost of goods sold for 20x6?
The Peggy Company sold merchandise to its wholly owned subsidiary, Sally Company. The following information is available: Sale price to Sally $36,000 Cost to Peggy $27,000 Sally sold 70 % of the inventory to an outside customer for $25,200. Prepare the elimination journal entry. If the other 30% was sold to an outside customer during the next year and there was not any other inter-co transactions what would be the journal entry next year?
2. 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 Weisman uses the equity method to account for its investment in Martindale. What is the balance in pre-consolidation Income (loss) from subsidiary for 2022? Select one: A. $268,600 B. $235,000 C. $265,400 D. $264,600

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