Solved: Gand still owned 40 of the goods at the end of the year, Accounting Basics

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Gand still owned 40 of the goods at the end of the year

Question - Raylord Co. acquired 100% of Gand Inc. on January 5, 2013. During 2013, Raylord sold goods to Gand for $150,000 that cost Raylord $112,500. Gand still owned 40% of the goods at the end of the year. Cost of goods sold was $675,000 for Raylord and $400,000 for Gand. What was consolidated cost of goods sold?

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Accounting Basics: Gand still owned 40 of the goods at the end of the year

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