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QUESTION
Pattern Company owns an 80% interest in Swatch Company. During 2011, Swatch sells merchandise to Pattern for $150 at a profit of $30.
Pattern Company owns an 80% interest in Swatch Company. During 2011, Swatch sells merchandise to Pattern for $150 at a profit of $30. During 2011, Pattern Company resells 70% of the merchandise for $175. Income statements for Pattern and Swatch are summarized below:
Pattern Swatch
Sales $175 $150
COGS (105) (120)
Gross Profit $70 $30
Consolidated cost of goods sold for 2011 are?
Consolidated sales for 2011 are?
