Unrealized profits in year-end inventory, Accounting Basics

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Unrealized profits in year-end inventory

Williard Corporation regularly sells inventory items to its subsidiary, Petty, Inc. If unrealized profits in Petty's 20X1 year-end inventory exceed the unrealized profits in its 20X2 year-end inventory, combined

a. cost of sales will be less than consolidated cost of sales in 20X2.

b. gross profit will be greater than consolidated gross profit in 20X2.

c. sales will be less than consolidated sales in 20X2.

d. cost of sales will be greater than consolidated cost of sales in 20X2.

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Accounting Basics: Unrealized profits in year-end inventory

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Accounting Basics: Unrealized profits in year-end inventory

Reference No:- TGS077931

Have a Question? (oR Write a Review)

Recent Questions Asked Accounting Basics

Q : Local customs and laws conflict with the customs

Q : How much net income did the business have

Q : Discuss metrics to evaluate and control the new process

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

Q : Unrealized profits in year-end inventory

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Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: Unrealized profits in year-end inventory

Reference No:- TGS077931

Recent Questions Asked Accounting Basics

Q : Local customs and laws conflict with the customs

Q : How much net income did the business have

Q : Discuss metrics to evaluate and control the new process

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

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