Amount of unrealized profit in the ending inventory, Accounting Basics

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Amount of unrealized profit in the ending inventory

Diller owns 80% of Lake Company common stock. During October 20X7, Lake sold merchandise to Diller for $300,000. On December 31, 20X7, one-half of this merchandise remained in Diller's inventory. For 20X7, gross profit percentages were 30% for Diller and 40% for Lake. The amount of unrealized profit in the ending inventory on December 31, 20X7 that should be eliminated in consolidation is ____.

a. $80,000

b. $60,000

c. $32,000

d. $30,000

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Accounting Basics: Amount of unrealized profit in the ending inventory

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Accounting Basics: Amount of unrealized profit in the ending inventory

Reference No:- TGS077934

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Recent Questions Asked Accounting Basics

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Ask an Expert for Answer!!

Accounting Basics: Amount of unrealized profit in the ending inventory

Reference No:- TGS077934

Recent Questions Asked Accounting Basics

Q : How many hours expect assembly of third unit to take

Q : Unrealized profits in year-end inventory

Q : How much expense will be reported on an income statement

Q : Evaluate strategy that led to the merger or acquisition

Q : Amount of unrealized profit in the ending inventory

Q : How has government reacted on the federal-state threats

Q : Some of the market segments that serve

Q : History of mergers and acquisitions and operates solely

Q : Gross profit as a result of the sales problem

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