# Patti Company owns 80% of the common stock of Shannon

Patti Company owns 80% of the common stock of Shannon

REFERENCE: Ref. 05_08

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Patti Company owns 80% of the common stock of Shannon, Inc.  In the current year, Patti reports sales of \$10,000,000 and cost of goods sold of \$7,500,000.  For the same period, Shannon has sales of \$200,000 and cost of goods sold of \$160,000. During the year, Patti sold merchandise to Shannon for \$60,000 at a price based on the normal markup.  At the end of the year, Shannon still possesses 30 percent of this inventory.

QUESTION #24

REFER TO: Ref. 05_08

62. Compute consolidated sales.

A)  \$10,000,000.

B)  \$10,126,000.

C)  \$10,140,000.

D)  \$10,200,000.

E)  \$10,260,000.

QUESTION #25

REFER TO: Ref. 05_08

63. Compute consolidated cost of goods sold.

A)  \$7,500,000.

B)  \$7,600,000.

C)  \$7,615,000.

D)  \$7,604,500.

E)  \$7,660,000.

QUESTION #26

REFER TO: Ref. 05_08

64. Assume the same information, except Shannon sold inventory to Patti.  Compute consolidated sales.

A) \$10,000,000.

B)  \$10,126,000.

C) \$10,140,000.

D) \$10,200,000.

E)  \$10,260,000.

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