Reference no: EM132723312

Question - Following are several figures reported for Allister and Barone as of December 31, 2018:

Allister Barone

Inventory $590,000 $390,000

Sales 1,180,000 980,000

Investment income not given

Cost of goods sold 590,000 490,000

Operating expenses 275,000 345,000

Allister acquired 90 percent of Barone in January 2017. In allocating the newly acquired subsidiary's fair value at the acquisition date, Allister noted that Barone had developed a customer list worth $74,000 that was unrecorded on its accounting records and had a 4-year remaining life. Any remaining excess fair value over Barone's book value was attributed to goodwill. During 2018, Barone sells inventory costing $139,000 to Allister for $198,000. Of this amount, 10 percent remains unsold in Allister's warehouse at year-end.

Required - Determine balances for the following items that would appear on Allister's consolidated financial statements for 2018:

Inventory

Sales

Cost of goods sold

Operating expenses

Net income attributable to noncontrolling interest