In 2022, ABC Company sold inventory costing P150,000 to its 80%-owned subsidiary for P210,000. A portion of this was resold by the subsidiary in 2022 for P200,000. Other information available at the end of 2022 were as follows:   Parent Subsidiary Sales P4,750,000 P2,700,000 Cost of sales 3,100,000 1,750,000 Net income 225,000 120,000 Dividends declared 150,000 150,000 Inventory        From outsiders 120,000 60,000    From parent   63,000 How much is the consolidated inventory as of December 31, 2022? How much is the consolidated cost of sales for 2022? How much is the consolidated sales for 2022?

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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In 2022, ABC Company sold inventory costing P150,000 to its 80%-owned subsidiary for P210,000. A portion of this was resold by the subsidiary in 2022 for P200,000. Other information available at the end of 2022 were as follows:

 

Parent

Subsidiary

Sales

P4,750,000

P2,700,000

Cost of sales

3,100,000

1,750,000

Net income

225,000

120,000

Dividends declared

150,000

150,000

Inventory

 

 

   From outsiders

120,000

60,000

   From parent

 

63,000

How much is the consolidated inventory as of December 31, 2022?

How much is the consolidated cost of sales for 2022?

How much is the consolidated sales for 2022?

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