What is the consolidated cost of sales? Income statement information for the year 2020 for Perena Corporation and its 60% ownedsubsidiary, Amihan Corporation is as follows:PerenaAmihanSales .P450,000200,000P250,000125,000P175,000125,000P 50,000Cost of SalesGross profit .Operating expenses25,000Amihan's net income.P 25,000Perena's separate income. P125,000Intercompany sales for 2020 are upstream (from Amihan to Perena) and total P50,000. Perena'sDecember 31, 2019 and December 31, 2020 inventories contain unrealized profits of P2,500 andP5,000 respectively.The Consolidated cost of sales for 2020:

Consolidated cost of sales is computed as follows

Income statement information for the year 2020 for Perena Corporation and its 60% owned subsidiary, Amihan Corporation is as follows: Perena P450,000 200,000 P250,000 Amihan P175,000 125,000 P 50,000 25,000 P 25,000 Sales . Cost of Sales. Gross profit Operating expenses Amihan's net income. Perena's separate income 125,000 P125,000 Intercompany sales for 2020 are upstream (from Amihan to Perena) and total P50,000. Perena's December 31, 2019 and December 31, 2020 inventories contain unrealized profits of P2,500 and P5,000 respectively. The Consolidated cost of sales for 2020:

Income statement information for the year 2020 for Perena Corporation and its 60% owned subsidiary, Amihan Corporation is as follows: Perena P450,000 200,000 P250,000 Amihan P175,000 125,000 P 50,000 25,000 P 25,000 Sales . Cost of Sales. Gross profit Operating expenses Amihan's net income. Perena's separate income 125,000 P125,000 Intercompany sales for 2020 are upstream (from Amihan to Perena) and total P50,000. Perena's December 31, 2019 and December 31, 2020 inventories contain unrealized profits of P2,500 and P5,000 respectively. The Consolidated cost of sales for 2020:

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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