The following information relates to questions 20 to 22
Aussie Ltd has a controlling interest in Pommie Plc. On 1 June 20X5 Pommie sold inventory to Aussie for 10 000 pounds. The inventory was originally acquired by Pommie on 18 May 20X5 for 7000 pounds. The entire amount of inventory was held by Aussie at 30 June 20X5. The Australian tax rate is 30% and the British tax rate is 35%.
Exchange rates are as follows:
-The credit to inventory in relation to the elimination of the intragroup sale (to the nearest whole dollar) is:
Definitions:
Period Lengthened
The extension of time allocated for a particular activity, phase, or process.
Price-taker Market
A market in which individual sellers cannot influence the market price and must accept the prevailing market price for their goods or services.
Antitheft Auto Alarms
Security devices installed in vehicles designed to deter theft by emitting a loud noise or other alerts when unauthorized access is attempted.
Increasing Cost Industry
An industry in which production costs rise as output increases, often due to factors like limited resources or increased demand for inputs.
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