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home / study / business / accounting / accounting questions and answers / homework for intra-entity transactions. part i paula corporation owns all of the voting common ...

Question: Homework for intra-entity transactions. Part I Paula Corporation owns all of the voting common st...

Homework for intra-entity transactions.

Part I

Paula Corporation owns all of the voting common stock of Sally Company. Sally manufactures toys and sells them to Paula. In turn, Paula sells them to customers. Neither of these companies do anything else. At the beginning of 2012 neither company had any inventory. During 2012 Sally manufactured 120,000 toys and sold 100,000 of them to Paula for $10 each and Paula sold 90,000 of these toys to customers for $16 each. These toys had cost Sally only $7 each to produce. During 2013 Sally manufactured 115,000 toys and sold 98,000 to Paula for $10 each. Paula sold 100,000 toys to customers during 2013 for $16 each. (The manufacturing cost for Sally was still $7 per toy.) Please determine each of the following:

A. Total Consolidated Sales Revenue for 2013

B. Total Consolidated Cost of Goods Sold for 2013

C. Consolidated Ending Inventory for December 31, 2013

During 2014 Sally produced 200,000 toys at a cost of $7 each. Paula produced 30,000 books at a cost of $12 each. Sally sold 120,000 toys to Paula for $10 each and 50,000 toys to customers for $15 each. Paula sold 110,000 of the toys to customers for $16 each and 20,000 books to customers for $20 each. Please determine each of the following:

A. Total Consolidated Sales Revenue for 2014

B. Total Consolidated Cost of Goods Sold for 2014

C. Consolidated Ending Inventory for December 31, 2014

Expert Solution

ekkarill92 answered 1 year ago

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