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

Question - Tower Inc. owns 80% 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 $100,000. 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. $6,482.

B. $6,528.

C. $7,498.

D. $8,160.

E. $19,200

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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:- TGS02847786

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