Problemparkette inc acquired a 60 percent interest in, Ask an Expert

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Parkette, Inc., acquired a 60 percent interest in Skybox Company several years ago. During 2014, Skybox sold inventory costing $159,600 to Parkette for $210,000. A total of 19 percent of this inventory was not sold to outsiders until 2015. During 2015, Skybox sold inventory costing $243,000 to Parkette for $300,000. A total of 25 percent of this inventory was not sold to outsiders until 2016. In 2015, Parkette reported cost of goods sold of $552,500 while Skybox reported $230,000. What is the consolidated cost of goods sold in 2015?

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Accounting Basics, Accounting

Category:- Accounting Basics
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