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Business, 05.07.2019 05:30 haileyhale5

Top company holds 90 percent of bottom company’s common stock. in the current year, top reports sales of $1,010,000 and cost of goods sold of $757,500. for this same period, bottom has sales of $510,000 and cost of goods sold of $310,000. during the current year, top sold merchandise to bottom for $310,000. the subsidiary still possesses 40 percent of this inventory at the current year-end. top had established the transfer price based on its normal gross profit rate. what are the consolidated sales and cost of goods sold?

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Top company holds 90 percent of bottom company’s common stock. in the current year, top reports sale...
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