Jones Company owns 100% of Bruce Inc. and appropriately applies the equity metho

Question

Jones Company owns 100% of Bruce Inc. and appropriately applies the equity method.  During the current year, Jones sold $100,000 of inventory to Bruce Company for $150,000.  Bruce Company sold half of the inventory to outsiders for $120,000.  What is the amount of consolidated gross profit from these transactions?  

$0.

$20,000

$50,000

$70,000

$75,000

27.  Reference question #26 what is the amount of unrealized profit (if any?) in the Bruce Company ending inventory?

$0

$25,000

$50,000

$75,000

$100,000

Explanation / Answer

$70,000

$75,000

Related Questions

Navigate

• Browse (All)
• Browse J
• Subjects

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.