Consolidated statement of profit or loss

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Reference no: EM134030741

Question

Harry acquired an 80% holding in Style on 1 April 2016. From 1 April 2016 to 31 December 2016 Style sold goods to Harry for $4.3m at a mark-up of 10%. Harry's inventory at 31 December 2016 included $2.2m of such inventory. The statements of profit or loss for each entity for the year to 31 December 2016 showed the following in respect of cost of sales: Harry $14.7m Style $11.6m What is the cost of sales figure to be shown in the consolidated statement of profit or loss for the year to 31 December 2016?

Reference no: EM134030741

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