Pilfer Company acquired 90 percent ownership of Scrooge Corporation in 20X7, at underlying book value. On that date, the fair value of non-controlling interest was equal to 10 percent of the book value of Scrooge Corporation. Pilfer purchased inventory from Scrooge for $90,000 on August 20, 20X8, and re-sold 70 percent of the inventory to un-affiliated companies on December 1, 20X8, for $100,000. Scrooge produced the inventory sold to Pilfer for $67,000. The companies had no other transactions during 20X8.
1) Based on the information, what amount of sales will be reported in the 20X8 consolidated income statement?
A) $90,000.
B) $120,000.
C) $100,000.
D) $67,000.
2) Based on the information, what amount of cost of goods sold will be reported in the 20X8 consolidated income statement?
A) $60,900.
B) $90,000.
C) $46,900.
D) $67,000.
3) Based on the information, what amount of consolidated net income will be assigned to the controlling interest for 20X8?
A) $51,490.
B) $53,100.
C) $37,000.
D) $20,100.
4) Based on the information, what inventory balance will be reported by the consolidated entity on December 31, 20X8?
A) $51,490.
B) $53,100.
C) $37,000.
D) $20,100.

Which of the following statements is not correct? 1) trade allows for specialization. 2) trade has the potential to benefit all nations. 3) trade allows nations to consume outside of their production possibilities curves. 4) absolute advantage is the driving force of specialization.

Exercise 18-15 sheffield appliance center is an experienced home appliance dealer. sheffield appliance center also offers a number of services for the home appliances that it sells. assume that sheffield appliance center sells ovens on a standalone basis. sheffield appliance center also sells installation services and maintenance services for ovens. however, sheffield appliance center does not offer installation or maintenance services to customers who buy ovens from other vendors. pricing for ovens is as follows. oven only $790 oven with installation service 850 oven with maintenance services 970 oven with installation and maintenance services 990 in each instance in which maintenance services are provided, the maintenance service is separately priced within the arrangement at $180. additionally, the incremental amount charged by sheffield appliance center for installation approximates the amount charged by independent third parties. ovens are sold subject to a general right of return. if a customer purchases an oven with installation and/or maintenance services, in the event sheffield appliance center does not complete the service satisfactorily, the customer is only entitled to a refund of the portion of the fee that exceeds $790. assume that a customer purchases an oven with both installation and maintenance services for $990. (b) indicate the amount of revenue that should be allocated to the oven, the installation, and to the maintenance contract.

Which are the best examples of costs that should be considered when creating a project budget?