Pot Co Holds 90% of the Common Stock of Skillet Co

question 88

Multiple Choice

Pot Co. holds 90% of the common stock of Skillet Co. During 2021, Pot reported sales of $1,120,000 and cost of goods sold of $840,000. For this same period, Skillet had sales of $420,000 and cost of goods sold of $252,000.Included in the amounts for Skillet's sales were intra-entity gross profits related to Skillet's intra-entity transfer of merchandise to Pot for $140,000. There were no intra-entity transfers from Pot to Skillet. Intra-entity transfers had the same markup as sales to outsiders. Pot still had 40% of the intra-entity gross profit remaining in ending inventory at the end of 2021. What are consolidated sales and cost of goods sold for 2021?

• A) $1,400,000 and $952,000.
• B) $1,400,000 and $966,000.
• C) $1,540,000 and $1,078,000.
• D) $1,400,000 and $974,400.
• E) $1,540,000 and $1,092,000.

Identify the role of healthcare professionals in preventing and addressing substance abuse.

Understand the impact of substance abuse on families and communities.

Recognize the importance of abstinence and harm reduction strategies in treating substance abuse.

Identify the drug of choice for treating alcohol withdrawal.

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Definitions:

Vocal Member

An individual within a group who is more outspoken or active in expressing opinions and influencing group dynamics.

Averaging

The mathematical process of finding the central or typical value of a set of numbers by dividing the sum of all values by the number of values.

Rule By An Individual

A governance or leadership style where a single person holds complete control and authority over decision-making.

Primary Function

The main or core purpose for which something exists or is used.