Included in the Amounts for Skillet's Sales Were Intra-Entity Gross

question 46

Multiple Choice

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 2018.What are consolidated sales and cost of goods sold for 2018?

• 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.

---

Definitions:

Alabama

A state located in the southeastern region of the United States, known for its significant historical events, especially those related to the Civil Rights Movement.

Hip Hop

A cultural movement that originated in the 1970s in the Bronx, New York City, characterized by four main elements: MCing or rapping, DJing, graffiti painting, and breakdancing.

Resistance

This term can denote opposition or defiance against an opposing force or authority, often used in historical and political contexts.

Underground Style

Typically refers to a subversive or non-mainstream fashion or trend, often associated with music, art, or cultural movements.