P Ltd sells inventory to its subsidiary S Ltd on the following basis: cost to P $60,000,sale price to S $80,000.All inventory is held by S at the end of the financial year (assume a tax rate of 30%).The periodic method is used to account for inventory.Therefore,the following consolidation entries are required:
D) None of the above

Question

P Ltd sells inventory to its subsidiary S Ltd on the following basis: cost to P $60,000,sale price to S $80,000.All inventory is held by S at the end of the financial year (assume a tax rate of 30%).The periodic method is used to account for inventory.Therefore,the following consolidation entries are required: 
D) None of the above

Quizplus · Accepted Answer

The Answer of P Ltd sells inventory to its subsidiary S Ltd on the following basis: cost to P $60,000,sale price to S $80,000.All inventory is held by S at the end of the financial year (assume a tax rate of 30%).The periodic method is used to account for inventory.Therefore,the following consolidation entries are required: 
D) None of the above

P Ltd Sells Inventory to Its Subsidiary S Ltd on the Following