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At year-end only 24000 of merchandise was still being held

Question - Tower Inc. owns 30% of Yale Co. and applies the equity method. During the current year, Tower bought inventory costing $66,000 and then sold it to Yale for $120,000. At year-end, only $24,000 of merchandise was still being held by Yale. What amount of intra-entity inventory profit must be deferred by Tower?

A. $6,480.

B. $3,240.

C. $10,800.

D. $16,200.

E. $6,610.

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Accounting Basics: At year-end only 24000 of merchandise was still being held

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Accounting Basics: At year-end only 24000 of merchandise was still being held

Reference No:- TGS02621485

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