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How much is consolidated cost of sales

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Princess Corporation owns 75% of the outstanding stock of Edelbert Company, acquired at book value during 2016. Selected information from the accounts of Princess and Edelbert for 2018 are as follows:

Sales of Princess and Edelbert amounted to P3,600,000 and P2,000,000 respectively;

Cost of goods sold amounted to P1,960,000 and P760,000 respectively.

  • During 2018 Princess sold merchandise to Edelbert for P200,000 at a gross profit of P80,000. 1/4 of this merchandise remained in Edelbert's inventory at December 31, 2018. Edelbert's December 31, 2017 inventory included unrealized profit of P16,000 on goods acquired from Princess.

Problem 1: In the consolidated income statement for Princess Corporation and subsidiary for the year 2018, how much is consolidated cost of sales?

Reference no: EM132756611

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