Determine balances for the operating expenses

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Question - Following are several figures reported for Allister and Barone as of December 31, 2015:

 

Allister

Barone

  Inventory

$550,000  

$350,000  

  Sales

1,100,000  

900,000  

  Investment income

not given  

 

  Cost of goods sold

550,000  

450,000  

  Operating expenses

255,000  

325,000  

Allister acquired 90 percent of Barone in January 2014. In allocating the newly acquired subsidiary's fair value at the acquisition date, Allister noted that Barone had developed a customer list worth $66,000 that was unrecorded on its accounting records and had a six-year remaining life. Any remaining excess fair value over Barone's book value was attributed to goodwill. During 2015, Barone sells inventory costing $135,000 to Allister for $190,000. Of this amount, 20 percent remains unsold in Allister's warehouse at year-end.

Determine balances for the following items that would appear on Allister's consolidated financial statements for 2015:

Amounts

Inventory

Sales

Cost of goods sold

Operating expenses

Net income attributable to Noncontrolling Interest

Reference no: EM131731664

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