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Business, 24.11.2021 21:50 simionriley4191

Edgar Co. acquired 60% of Stendall Co. on January 1, 2019. During 2019, Edgar made several sales of inventory to Stendall. The cost and selling price of the goods were $140,000 and $200,000, respectively. Stendall still owned one-fourth of the goods at the end of 2019. Consolidated cost of goods sold for 2019 was $2,140,000 because of a consolidating adjustment for intra-entity sales less the entire profit remaining in Stendall's ending inventory. How would consolidated cost of goods sold have been differed if the inventory transfers had been for the same amount and cost, but from Stendall to Edgar instead of Edgar to Stendall

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Edgar Co. acquired 60% of Stendall Co. on January 1, 2019. During 2019, Edgar made several sales of...
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