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Intercompany Inventory Transactions Consolidations ...

Whenever an unrealized intercompany profit is present in ending inventory, one further con­solidation entry is eventually required. Although Entry G removes the gross profit from the consolidated inventory balances in the year of transfer, the $7,500 overstatement remains within the separate financial records of the buyer and seller.…

Chapter 7

Chapter 7 Intercompany Inventory Transactions 7-2 ... • For intercompany inventory transactions, the intercompany sale and cost of goods sold must be eliminated. • In addition, the intercompany profit may not be recognized in consolidation until it is confirmed by resale for the inventory to an external party.…

Intercompany transaction: Inventory - SlideShare

Mar 01, 2015 · Balance sheet: Inventory The profit or loss on the intercompany sale must be removed so the inventory is reported at the cost to the consolidated entity. Intercompany Transaction: Inventory 7. • For consolidation purposes – profits from intercompany inventory sale are recognized in the period of a resold to an unrelated party.…