Perth Corporation owns 90 percent of Sydney Company's stock. At the end of 20X8, Perth and Sydney reported the following partial operating results and inventory balances: PerthCorporationSydneyCompanyTotal sales$500,000 $350,000 Sales to Sydney Company 100,000 Sales to Perth Corporation 150,000 Net income 15,000 Operating income (excluding investment income from Sydney) 56,000 Inventory on hand, December 31, 20X8, purchased from: Sydney Company 36,000 Perth Corporation 31,000 Perth regularly prices its products at cost plus a 30 percent markup for profit. Sydney prices its sales at cost plus a 10 percent markup. The total sales reported by Perth and Sydney include both intercompany sales and sales to nonaffiliates.Based on the
information given above, what balance will be reported for inventory in the consolidated balance sheet for December 31, 20X8?
A. $32,727
B. $67,000
C. $56,573
D. $23,846
Answer: C
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