What is amount of unrealized intra-entity profit in ending, Accounting Basics

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What is amount of unrealized intra-entity profit in ending

King Corporation owns 80 percent of Lee Corporation's common stock. During October, Lee sold merchandise to King for $205,000. At December 31, 60 percent of this merchandise remains in King's inventory. Gross profit percentages were 30 percent for King and 40 percent for Lee. The amount of unrealized intra-entity profit in ending inventory at December 31 that should be eliminated in the consolidation process is ?

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Accounting Basics: What is amount of unrealized intra-entity profit in ending

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Accounting Basics: What is amount of unrealized intra-entity profit in ending

Reference No:- TGS046857

Have a Question? (oR Write a Review)

Recent Questions Asked Accounting Basics

Q : What are the consolidated sales and cost of goods sold

Q : Brewery be indifferent between two investment opportunities

Q : Estimated loss contingency basics

Q : Calculate average variable cost

Q : What is amount of unrealized intra-entity profit in ending

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Q : What is its debt-to-assets ratio

Q : Show the effects of the subsidy on a graph

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Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: What is amount of unrealized intra-entity profit in ending

Reference No:- TGS046857

Recent Questions Asked Accounting Basics

Q : What are the consolidated sales and cost of goods sold

Q : Brewery be indifferent between two investment opportunities

Q : Estimated loss contingency basics

Q : Calculate average variable cost

Q : What is amount of unrealized intra-entity profit in ending

Q : Statements concerning preferred stock

Q : Warranties and litigation

Q : What is its debt-to-assets ratio

Q : Show the effects of the subsidy on a graph

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