What amount will be reported for consolidated inventory?

A)  $1,000,000.

B)  $   960,000.

C)  $   920,000.

D)  $   660,000.

E)  $   620,000.

Answer: B

Learning Objective: 02-05 

Learning Objective: 02-06a 

Learning Objective: 02-07

Topic: Acquisition―Allocate fair value

Topic: Acquisition―Calculate consolidated balances

Topic: Consolidation worksheet

Difficulty: 2 Medium 

Blooms: Apply

AACSB: Knowledge Application

AICPA: BB Critical Thinking

AICPA: FN Measurement

Feedback: FlynnInventory ($660,000) + Fair Value of Macek Inventory($300,000) = $960,000