Strickland Company sells inventory to its parent, Carter Company, at a profit during 2017. Carter sells one-third of the inventory in 2017.In the consolidation worksheet for 2017, which of the following accounts would be credited to eliminate the intra-entity transfer of inventory?
A. Sales.
B. Investment in Strickland Company.
C. Cost of goods sold.
D. Inventory.
E. Retained earnings.
Answer: C
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Fill in the blank with correct word.
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Answer the following statement true (T) or false (F)