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On 1 April 20X7 Possum Co acquired 60% of the share capital of Koala Co for $120,000. During the year Possum Co sold goods to Koala Co for $30,000, including a profit margin of 25%. 40% of these goods were still in inventory at the year end. The following extract was taken from the financial statements of Possum Co and Koala Co at 31 March 20X8.
What is the consolidated gross profit of the Possum Co group at 31 March 20X8? A. $627,600 B. $633,000 C. $622,500 D. $627,000 |