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  3. bakery owns 70 percent of slice products company's

Bakery owns 70 percent of Slice Products Company's stockOn January 20X9inventory reported by included 26,000...

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Accounting

Bakery owns 70 percent of Slice Products Company's stockOn January 20X9inventory reported by included 26,000 of flour purchased from Slice at 18 per bagBy December 31,20X9, all the beginning inventory purchased from Products been baked into products and sold to customers by There were no transactions between and Both Pie Bakery and Slice Products price their sales at cost plus 50 percent markup for profit reported income from baking operations of $301,000, and Slice reported net income of $251,000 for 20X9 Required: Compute the amount reported as cost of goods sold in the 20X9 consolidated income statement for the flour purchased from 20X8 Note: Do not round intermediate calculations

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