For 2006 cost of goods sold was 1200000 for gaspard farms


Problem - Gentry Inc purchased 100% of Gaspard farms on Jan 5 2005

Durring 2005 Gentry sold to Gaspard farms for $650,000 goods which had cost $200,000. Gaspard Farms still owned 15% of the goods at the end of the year. In 2006 Gentry Sold goods with a cost of $800,000 at the end pf the year

In 2006 Gentry sold goods with a cost of $800,000 to Gaspard farms for $1000000 and gaspard farms still owned 20% of the goods at year end.

For 2006 cost of goods sold was $1200,000 for Gaspard farms and $5,400,000 for Gentry. What was consolidated cost of goods sold for 2006?

Solution Preview :

Prepared by a verified Expert
Accounting Basics: For 2006 cost of goods sold was 1200000 for gaspard farms
Reference No:- TGS02532441

Now Priced at $25 (50% Discount)

Recommended (99%)

Rated (4.3/5)