Business, 21.04.2020 20:53 zitterkoph

Following are several figures reported for Allister and Barone as of December 31, 2018: Allister Barone Inventory $500,000 $300,000 Sales 1,000,000 800,000 Investment income not given Cost of goods sold 500,000 400,000 Operating expenses 230,000 300,000 Allister acquired 90 percent of Barone in January 2017. In allocating the newly acquired subsidiary’s fair value at the acquisition date, Allister noted that Barone had developed a customer list worth $78,000 that was unrecorded on its accounting records and had a 4-year remaining life. Any remaining excess fair value over Barone’s book value was attributed to goodwill. During 2018, Barone sells inventory costing $130,000 to Allister for $180,000. Of this amount, 10 percent remains unsold in Allister’s warehouse at year-end. What is Dec 31, 2018 balance of consolidated Inventory?

a. $975,000
b. $500,000
c. $795,000
d. $5,000
e. $300,000

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Following are several figures reported for Allister and Barone as of December 31, 2018: Allister Bar...

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