Big company owns 100 percent of the outstanding shares of


Big Company owns 100 percent of the outstanding shares of Little. During the current year, Big sold inventory costing $90,000 to Little for $100,000. Little has resold all of this merchandise to outside parties by the last day of the year. For the year, Big reported cost of goods sold of $600,000 and Little reported cost of goods sold of $500,000. What is the total amount reported on the consolidated income statement for cost of goods sold?

Request for Solution File

Ask an Expert for Answer!!
Financial Accounting: Big company owns 100 percent of the outstanding shares of
Reference No:- TGS0999143

Expected delivery within 24 Hours