Pirate corporation acquired 85 percent of ship company's voting shares of stock in 20x7. during 20x8, pirate purchased 50,000 circuit boards for $15 each and sold 28,000 of them to ship for $20 each. ship sold all of the units to unrelated entities prior to december 31, 20x8, for $30 each. both companies use perpetual inventory systems. which worksheet consolidating entry is needed in preparing consolidated financial statements for 20x8 to remove all effects of the intercompany sale

Frost corporation incurred the following transactions during its first year of operations. (assume all transactions involve cash.) 1) acquired $1,900 of capital from the owners. 2) purchased $435 of direct raw materials. 3) used $290 of these direct raw materials in the production process. 4) paid production workers $490 cash. 5) paid $290 for manufacturing overhead (applied and actual overhead are the same). 6) started and completed 250 units of inventory. 7) sold 140 units at a price of $6 each. 8) paid $130 for selling and administrative expenses. the amount of raw material inventory on the balance sheet at the end of the accounting period would be: