Problem 2 Pilot Company holds 80% of Signet Company stock. Pilot has sold inventory to...
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Accounting
Problem 2 Pilot Company holds 80% of Signet Company stock. Pilot has sold inventory to Signet Company as follows: The following balances were included in the individual financial statements of each company for the year ended 12/31/2022: a. What will be reported as consolidated sales in the year 2022 ? b. What will be reported as consolidated inventory at 12/31/2022? c. What will be reported as consolidated cost of goods sold for 2022 ? 250,000 d. Were the intra-entity sales of inventory items upstream or downstream? dounstream
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