Business, 13.03.2020 17:29 parosil

Pristine Corporation owns 80% of Serendipity Inc.’s common stock. During 2008, Pristine sold Serendipity $250,000 of inventory on the same terms as sales made to third parties. Serendipity sold all the inventory purchased from Pristine in 2008. The following data pertain to sales by each company for the year:

Pristine

Serendipity

Sales
$1,000,000

$700,000

Cost of goods sold
400,000

350,000

How much should be reported as cost of goods sold in the consolidated income statement for 2008?

A. $750,000
B. $680,000
C. $400,000
D. $500,000

Answers: 1

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Pristine Corporation owns 80% of Serendipity Inc.’s common stock. During 2008, Pristine sold Serendi...

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