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REFERENCE: Ref.05_05 Gargiulo Company,a 90% Owned Subsidiary of Posito Corporation,sells Inventory to Inventory

Question 56

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REFERENCE: Ref.05_05
Gargiulo Company,a 90% owned subsidiary of Posito Corporation,sells inventory to Posito at a 25% profit on selling price.The following data are available pertaining to intercompany purchases.Gargiulo was acquired on January 1,2009.
REFERENCE: Ref.05_05 Gargiulo Company,a 90% owned subsidiary of Posito Corporation,sells inventory to Posito at a 25% profit on selling price.The following data are available pertaining to intercompany purchases.Gargiulo was acquired on January 1,2009. Assume the equity method is used.The following data are available pertaining to Gargiulo's income and dividends. -Compute the noncontrolling interest in Gargiulo's net income for 2009. A) $6,970. B) $7,000. C) $7,030. D) $6,270. E) $6,230. Assume the equity method is used.The following data are available pertaining to Gargiulo's income and dividends.
REFERENCE: Ref.05_05 Gargiulo Company,a 90% owned subsidiary of Posito Corporation,sells inventory to Posito at a 25% profit on selling price.The following data are available pertaining to intercompany purchases.Gargiulo was acquired on January 1,2009. Assume the equity method is used.The following data are available pertaining to Gargiulo's income and dividends. -Compute the noncontrolling interest in Gargiulo's net income for 2009. A) $6,970. B) $7,000. C) $7,030. D) $6,270. E) $6,230.
-Compute the noncontrolling interest in Gargiulo's net income for 2009.


A) $6,970.
B) $7,000.
C) $7,030.
D) $6,270.
E) $6,230.

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