Selected accounts from the year-to-date financial statements for Ivanova Company and its wholly owned subsidiary,...
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Selected accounts from the year-to-date financial statements for Ivanova Company and its wholly owned subsidiary, Halifax Ltd., were as follows: Ivanova Halifax Consolidated Cash $ 750 $ 810 $ 1,560 Sales 2,570 1,440 4,010 Beginning inventory 420 390 810 Purchases 1,890 960 2,850 Ending inventory 254 270 524 Cost of goods sold 2,056 1,080 3,136 Gross margin 514 360 874 Additional Information The above statements do not include any intercompany transactions The following two transactions occurred on consecutive days: Ivanova sells $200 of inventory to Halifax for $250, which provides a markup of 20% of selling price. Halifax sells these goods to an outsider for $300, which provides a markup of 20% of cost
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