Business
on january 1, 20x2, abc company acquired a 90 percent ownership of xyz company, at underlying book value. the fair value of the noncontrolling interest at the date of acquisition was equal to 10 percent of the book value of xyz company. on may 15, 20x2, xyz company purchased inventory from abc company for $90,000. xyz company subsequently sold the entire inventory to an unaffiliated company for $120,000 on december 21, 20x2. abc company had produced the inventory sold to xyz company for $62,000. the companies had no other transactions during 20x2. based on the information given above, what amount of sales will be reported in the 20x2 consolidated income statement? group of answer choices $62,000 $120,000 $90,000 $58,000
Assume Tamarisk, Inc. has the following reported amounts: Sales revenue $1,509,600, Sales returns and allowances $44,400, Cost of goods sold $976,800, and Operating expenses $325,600.(a) Compute net sales.(b) Compute gross profit.(c) Compute income from operations.(d) Compute the gross profit rate. (Round answer to 1 decimal place, e.g. 25.2%.)