Parent company used the fifo method of inventory valuation, Financial Accounting

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Parent company used the fifo method of inventory valuation

During 2016, subsidiary company sold $40,000 worth of merchadise to parent company. Parent company held $6,000 of this merchandise at December 31, 2016. This ending inventory had an applicable gross profit of 30%. Parent company used the FIFO method of inventory valuation. Using the complete equity method, what are the journal entries and workpaper entries for 2016.

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Financial Accounting: Parent company used the fifo method of inventory valuation

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Financial Accounting: Parent company used the fifo method of inventory valuation

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