30 Sep Tribbs sold one of its products to Quicker for resale to its cus
Tribbs sold one of its products to Quicker for resale to its customers. The details include the following:
Tribbs sale price was $200,000.
Tribbs cost to make the product was $180,000.
Quicker has sold 50% of the product to its customers during the year with the remaining $100,000 still in inventory.
Quicker sold the product for $130,000.
Quicker made $110,000 in profits for the year.
Submit a report outlining your findings for your next combined meeting. Include the following:
To record the transaction:
Tribbs’ entry
Quicker’s entry
Consolidated worksheet entry at 12/31/05
intercompany sales entry
intercompany profits entry
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