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William continued selling inventory to Roberts

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William continued selling inventory to Roberts;Over the next two years, William continued selling inventory to Roberts. Assume that any items in intercompany inventory at the end of a given year were sold to outside parties in the following year. Below are the details of the intercompany inventory sales;Year;Intercompany sales;Intercompany ending inventory at transfer price;Gross profit rate on intercompany inventory transfers;2009;$125,000;$80,000;25%;2010;$220,000;$125,000;28%;2011;$300,000;$160,000;25%;What would be the journal entries and elimination entries?

 

Paper#29201 | Written in 18-Jul-2015

Price : $37
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