What was the total gross profit on the intercompany sale, Accounting Basics

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What was the total gross profit on the intercompany sale

Assignment Task: Assume that in 2023 there were no additional intercompany sales of merchandise.

What is the income to the NC Interest in 2023?

Big Co. purchased 60% of Little Co. stock during 2022. During 2022, Little Co. sold inventory to Big Co for $100,000. The merchandise originally cost Little Co. $70,000.

During 2022, Big Co resold 40% of this merchandise to third parties. The remainder was resold during 2023.

Little Co reports earnings of $100,000 each year.

Question 1: What was the total gross profit on the intercompany sale of merchandise in 2022?

Question 2: How much of the gross profit was realized in 2022?

Question 3: Assume that in 2023 there were no additional intercompany sales of merchandise.

What is the income to the NC Interest in 2023?

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