Selected data for two subsidiaries of Dunn Corporation taken from the December 31, 2018, preclosing trial balances are as follows: Banks Co

Accounting Mar 06, 2021

Selected data for two subsidiaries of Dunn Corporation taken from the December 31, 2018, preclosing trial balances are as follows:

	Banks Co. (Debits)	Lamm Co. (Credits)
Shipments to Banks	—	$ 150,000
Shipments from Lamm	$ 200,000	—
Intercompany Inventory Profit on Total Shipments		50,000

Additional data relating to the December 31, 2018, inventory are as follows:


Inventory acquired by Banks from outside parties	$ 175,000
Inventory acquired by Lamm from outside parties	250,000
Inventory acquired by Banks from Lamm	60,000

At December 31, 2018, the inventory reported on the combined balance sheet of the two subsidiaries should be:

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