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Top Company holds 90 percent of Bottom Company's common stock. In the current year, Top reports sales of 990,000 and cost of goods sold of $544,500. For this same period, Bottom has sales of $490,000 and cost of goods sold of $294,000 . During the current year, Top sold merchandise to Bottom for $290,000 . The subsidiary still possesses 50 percent of this inventory at the current year-end. Top had established the transfer price based on its normal markup. What are the consolidated sales and cost of goods sold?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M946853

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