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Presented below are several figures reported for Plate Corporation and Saucer Industries as of December 31,2014.Plate has owned 70% of Saucer for the past five years,and at the time of purchase,the book value of Saucer's assets and liabilities equaled the fair value.The cost of the 70% investment was equal to 70% of the book value of Saucer's net assets.At the time of purchase,the fair values and book values of Saucer's assets and liabilities were equal.
In 2013,Saucer sold inventory to Plate which had cost $40,000 for $60,000.25% of this inventory remained on hand at December 31,2013,but was sold in 2014.In 2014,Saucer sold inventory to Plate which had cost $30,000 for $45,000.40% of this inventory remained unsold at December 31,2014.
Required: Calculate following balances at December 31,2014.
a.Consolidated Sales
b.Consolidated Cost of goods sold
c.Consolidated Expenses
d.Noncontrolling interest share of Saucer's net income
e.Consolidated Inventory
Prevention Strategy
A plan or approach designed to avert or reduce the risk of diseases and other health problems before they occur.
Sodium
A chemical element (Na) that plays a crucial role in maintaining normal fluid balance and is necessary for proper muscle and nerve function.
Processed Foods
Foods that have been altered from their natural state, often for safety reasons or convenience, which can sometimes lead to reduced nutritional value.
Diet
The sum of food and drinks consumed by a person, affecting health and body function.
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