Reference no: EM131800169
Question - This year, Rose Company acquired all of the common stock of Hayley. At the end of the current year, balances of selected accounts and other information for each of the companies were as follows:
Rose Hayley
Sales 2582,000 1734,000
Account Receivable 580,000 235,000
Sales to Hayley during the year 80,000
Sales to Rose during the yea. 20,000
Gross profit on sale 25% 30%
At the end of the year, 50% of the inventory that Rose sold to Hayley remained in Haylay's inventory, and $30,000 of the amount of the sales was unpaid. Rose still owes half of the amount of its purchases to Haylay, but had sold all of the inventory it had acquired from Hayley by the end of the year.
What the amount of consolidated sales at end of the year?
a. 4,216,000
b. 4,316,000
c. 4,276,000
d. 4,246,000
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