Reference no: EM132487646

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

                           Allister                    Barone

Inventory          $470,000              $270,000

Sales            $940,000                    $740,000

Investment Income NOT GIVEN

Cost of Goods Sold   $470,000          $370,000

Operating Expenses   $215,000            $285,000

Point 1: Allister acquired 80 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 $72,000 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 $127,000 to Allister for $174,000. Of this amount, 10 percent remains unsold in Allister's warehouse at year-end.

Question 1: Determine balances for the following items that would appear on Allister's consolidated financial statements for 2018:

Inventory: ?

Sales: ?

Costs of Goods Sold: ?

Operating Expenses: ?

Net Income attributable to non-controlling interests: ?