Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. goddy company owns 80% of the common stock of morr

Goddy Company owns 80% of the common stock of Morris, Inc. In the current year,...

80.2K

Verified Solution

Question

Accounting

Goddy Company owns 80% of the common stock of Morris, Inc. In the current year, Goddy reports sales of $10,000,000 and cost of goods sold of $7,500,000. For the same period, Morris has sales of $200,000 and cost of goods sold of $160,000. During the year, Goddy sold merchandise to Morris for $60,000 at a price based on the normal markup. At the end of the year, Morris still possesses 30 percent of this inventory. Compute consolidated cost of goods sold.

Select one:

a. $7,500,000.

b. $7,615,000.

c. $7,660,000.

d. $7,600,000.

e. $7,604,500.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

According to the socioecological model of health and wellness which of the following is a...

Biology
Q

2. Let X be a uniform random variable over the interval (0, 1). Let Y =...

Statistics
Q

13. List and define the three different regimes that protect intellectual property rights. 14. List and describe...

Programming
Q

Name the body system composed of hormone producing structures: Name the body system that generates movement and heat

Medical Sciences
Q

  This TED talk was not only interesting and eye-opening but also scary and thought-provoking. I...

Mechanical Engineering
Q

What is a withhold feature for payment to health care providers? What promotes the growth of Integrated...

Operations Management
Q

Keeping current per unit length of arc constant the variation of magnetic field at the...

Physics
Q

A square is made of four rods of same material one of the diagonal of...

Physics
Q

What is a hallmark of postmodern architecture simple clean lines strongly unified elements harmony with...

Basic Math
Q

35 The reciprocal ofis O 2 1000 O 0 10 10 there is none

Algebra
Q

Home Stop sells two product categories, furniture and accessories. Information pertaining to its 2021 year-end...

Accounting
Q

21. The price of a stock is $55. A trader buys I call option contract...

Finance