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What is the amount of consolidated sales at the end of year

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Question - This year, Godwin acquired all of the common stock of Leylar Co. At the end of the current year, balances of selected accounts and other information for each of the companies were as follows;

Godwin Leylar

Sales 564,000 245,000

Accts. Receivable 4,000 2,000

Sales to Leylar during year 36,000

Sales to Godwin during year 48,000

Gross Profit on all Sales 20% 25%

At the end of the year, 20% of the inventory that Godwin sold to Leylar remained in inventory, and 10,000 of the amount of sales was unpaid. Godwin still owes 10% of the amount of its purchase from Leylar, but had sold all inventory by the end of the year.

What is the amount of consolidated sales at the end of the year?

Reference no: EM131968615

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