# Solution to Chapter 7 E7 1,2,6,7,8,9,11,13

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1 Solution to Chapter 7 E7 1,2,6,7,8,9,11,13 E7-1 Multiple-Choice Questions on Intercompany Inventory Transfers [AICPA Adapted] 1. a 2. c 3. a 4. c 5. c Net assets reported \$320,000 Profit on intercompany sale \$48,000 Proportion of inventory unsold at year end (\$60,000 / \$240,000) x.25 Unrealized profit at year end (12,000) Amount reported in consolidated statements \$308, c Inventory reported by Banks (\$175,000 + \$60,000) \$235,000 Inventory reported by Lamm 250,000 Total inventory reported \$485,000 Unrealized profit at year end [\$50,000 x (\$60,000 / \$200,000)] (15,000) Amount reported in consolidated statements \$470,

2 E7-2 Multiple-Choice Questions on the Effects of Inventory Transfers [AICPA Adapted] 1. b Cost of goods sold reported by Park \$ 800,000 Cost of goods sold reported by Small 700,000 Total cost of goods sold reported \$1,500,000 Cost of goods sold reported by Park on sale to Small (\$500,000 x.40) (200,000) Reduction of cost of goods sold reported by Small for profit on intercompany sale [(\$500,000 x 4 / 5) x.60] (240,000) Cost of goods sold for consolidated entity \$1,060,000 Note: Answer b in the actual CPA examination question was \$1,100,000, requiring candidates to select the closest answer. 2. d \$32,000 = (\$200,000 + \$140,000) \$308, b \$6,000 = (\$26,000 + \$19,000) \$39, c \$9,000 = Inventory held by Spin \$12,000 (\$32,000 x.375) Unrealized profit on sale [(\$30,000 + \$25,000) \$52,000] (3,000) Carrying cost of inventory for Power \$ 9, b.20 = \$14,000 / [(Stockholders Equity \$50,000) +(Patent \$20,000)] 6. b 14 years = (\$28,000 / [(28,000 - \$20,000) / 4 years] E7-6 Realized Profit on Intercompany Sale a. Journal entries recorded by Nordway Corporation: (1) Inventory 960,000 Cash (Accounts Payable) 960,000 (2) Cash (Accounts Receivable) 750,000 Sales 750,000 (3) Cost of Goods Sold 600,000 Inventory 600,000 b. Journal entries recorded by Olman Company: 7-2

3 (1) Inventory 750,000 Cash (Accounts Payable) 750,000 (2) Cash (Accounts Receivable) 1,125,000 Sales 1,125,000 (3) Cost of Goods Sold 750,000 Inventory 750,000 c. Eliminating entry: E(1) Sales 750,000 Cost of Goods Sold 750,000 E7-7 Sale of Inventory to Subsidiary a. Journal entries recorded by Nordway Corporation: (1) Inventory 960,000 Cash (Accounts Payable) 960,000 (2) Cash (Accounts Receivable) 750,000 Sales 750,000 (3) Cost of Goods Sold 600,000 Inventory 600,000 b. Journal entries recorded by Olman Company: (1) Inventory 750,000 Cash (Accounts Payable) 750,000 (2) Cash (Accounts Receivable) 810,000 Sales 810,000 (3) Cost of Goods Sold 540,000 Inventory 540,000 c. Eliminating entry: E(1) Sales 750,000 Cost of Goods Sold 708,000 Inventory 42,

4 E7-8 Inventory Transfer between Parent and Subsidiary a. Karlow Corporation reported cost of goods sold of \$820,000 (\$82 x 10,000 desks) and Draw Company reported cost of goods sold of \$658,000 (\$94 x 7,000 desks). b. Cost of goods sold for the consolidated entity is \$574,000 (\$82 x 7,000 desks). c. Eliminating entry: E(1) Sales 940,000 Cost of Goods Sold 904,000 Inventory 36,000 d. Eliminating entry: E(1) Retained Earnings, January 1 36,000 Cost of Goods Sold 36,000 e. Eliminating entry: E(1) Retained Earnings, January 1 21,600 Noncontrolling Interest 14,400 Cost of Goods Sold 36,

5 E7-9 Income Statement Effects of Unrealized Profit a. Sale price to Holiday Bakery per bag (\$900,000 / 100,000) \$ 9.00 Profit per bag [\$ (\$9.00 / 1.5)] (3.00) Cost per bag \$ 6.00 Bags sold by Holiday Bakery (100,000-20,000) x 80,000 Consolidated cost of goods sold \$480,000 b. E(1) Sales 900,000 Inventory (\$3.00 x 20,000 bags) 60,000 Cost of Goods Sold 840,000 Required Adjustment to Cost of Goods Sold: Cost of goods sold Farmco (\$900,000 / 1.5) \$ 600,000 Cost of goods sold Holiday (\$9.00 x 80,000 units) 720,000 \$1,320,000 Consolidated cost of goods sold (\$6.00 x 80,000 units) (480,000) Required adjustment \$ 840,000 c. Operating income of Holiday Bakery \$400,000 Net income of Farmco Products 150,000 \$550,000 Less: Unrealized inventory profits (60,000) Consolidated net income \$490,000 Less: Income assigned to noncontrolling interest (\$150,000 - \$60,000 unrealized profit) x.40 (36,000) Income assigned to controlling interest \$454,000 Alternate computation: Operating income of Holiday Bakery \$400,000 Net income of Farmco Products \$150,000 Unrealized profits (\$3.00 x 20,000 units) (60,000) Realized net income \$ 90,000 Ownership held by Holiday Bakery x.60 54,000 Income assigned to controlling interest \$454,000 E7-11 Computation of Consolidated Income Statement Data a. Reported sales of Prem Company \$400,000 Reported sales of Cooper Company 200,000 \$600,000 Intercompany sales by Prem Company in 20X5 \$ 30,000 Intercompany sales by Cooper Company in 20X5 80,000 (110,000) Sales reported on consolidated income statement \$490,000 b. Cost of goods sold reported by Prem Company \$250,000 Cost of goods sold reported by Cooper Company 120,000 \$370,000 Adjustment due to intercompany sales (100,500) Consolidated cost of goods sold \$269,

6 Adjustment to cost of goods sold: CGS charged by Prem on sale to Cooper \$ 20,000 CGS charged by Cooper (\$30,000 - \$6,000) 24,000 Total charged to CGS \$ 44,000 CGS for consolidated entity \$20,000 x (\$24,000 / \$30,000) (16,000) Required adjustment to CGS \$ 28,000 CGS charged by Cooper on sale to Prem \$ 50,000 CGS charged by Prem (\$80,000 - \$20,000) 60,000 Total charged to CGS \$110,000 CGS for consolidated entity \$50,000 x (\$60,000 / \$80,000) (37,500) Required adjustment to CGS 72,500 Total adjustment required \$100,500 c. Reported net income of Cooper Company \$ 45,000 Unrealized profit on sale to Prem Company \$30,000 x (\$20,000 / \$80,000) (7,500) Realized net income \$ 37,500 Noncontrolling interest's share x.40 Income assigned to noncontrolling interest \$ 15,000 d. Reported net income of Pem Company \$107,000 Less: Income from subsidiary (27,000) \$ 80,000 Net income of Cooper Company 45,000 Operating income \$125,000 Less: Unrealized inventory profits of Prem Company [\$10,000 x (\$6,000 / \$30,000)] \$ 2,000 Unrealized inventory profits of Copper Company [\$30,000 x (\$20,000 / \$80,000)] 7,500 Income assigned to noncontrolling interest 15,000 (24,500) Income assigned to controlling interest \$ 98,

7 E7-13 Intercompany Sales a. Consolidated net income for 20X4: Operating income of Hollow Corporation \$160,000 Net income of Surg Corporation 90,000 \$250,000 Less: Unrealized profit Surg Corporation (15,000) Consolidated net income \$235,000 b. Inventory balance, December 31, 20X5: Inventory reported by Hollow Corporation \$ 30,000 Unrealized profit on books of Surg Corporation (\$135,000 - \$90,000) x (\$30,000/\$135,000) (10,000) \$20,000 Inventory reported by Surg Corporation \$110,000 Unrealized profit on books of Hollow Corporation (\$280,000 - \$140,000) x (\$110,000/\$280,000) (55,000) 55,000 Inventory, December 31, 20X5 \$75,000 c. Consolidated cost of goods sold for 20X5: CGS on sale of inventory on hand January 1, 20X5 \$45,000 x (\$120,000 / \$180,000) \$ 30,000 CGS on items purchased from Surg in 20X5 (\$135,000 - \$30,000) x (\$90,000 / \$135,000) 70,000 CGS on items purchased from Hollow in 20X5 (\$280,000 - \$110,000) x (\$140,000 / \$280,000) 85,000 Total cost of goods sold \$185,000 d. Income assigned to controlling interest: Operating income of Hollow Corporation \$220,000 Net income of Surg Corporation 85,000 \$305,000 Add: Inventory profit of prior year realized in 20X5 15,000 Less: Unrealized inventory profit Surg Corporation (10,000) Unrealized inventory profit Hollow Corporation (55,000) Income to noncontrolling interest (\$85,000 + \$15,000 - \$10,000) x.30 (27,000) Income assigned to controlling interest \$228,

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