Faru Co. identified five industry segments: (1) plastics, (2) metals, (3) lumber, (4) paper, and (5) finance. The company properly consolidated the segments when it prepared its annual financial statements. Information describing each segment is presented below (in thousands). Prepare the profit or loss test and determine which of these segments was separately reportable.

Question

Faru Co. identified five industry segments: (1) plastics, (2) metals, (3) lumber, (4) paper, and (5) finance. The company properly consolidated the segments when it prepared its annual financial statements. Information describing each segment is presented below (in thousands).  Prepare the profit or loss test and determine which of these segments was separately reportable.

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The Answer of Faru Co. identified five industry segments: (1) plastics, (2) metals, (3) lumber, (4) paper, and (5) finance. The company properly consolidated the segments when it prepared its annual financial statements. Information describing each segment is presented below (in thousands).  Prepare the profit or loss test and determine which of these segments was separately reportable.

Faru Co Identified Five Industry Segments: (1) Plastics, (2) Metals, (3)