Reference no: EM132488335

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

                                              Allister              Barone

Inventory                  $480,000            $280,000

Sales                      960,000                 760,000

Investment income not given

Cost of goods sold          480,000                380,000

Operating expenses            220,000              290,000

Point 1: 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 5-year remaining life. Any remaining excess fair value over Barone's book value was attributed to goodwill. During 2018, Barone sells inventory costing $128,000 to Allister for $176,000. Of this amount, 15 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:

1. Inventory
2. Sales
3. COGS
4. Operating Expenses
5. Net income attributable to noncontrolling interest