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If the parent owns 90% of the subsidiary's stock, then 90% of the subsidiary's assets and
liabilities are included in the consolidated balance sheet.
During periods of stable purchase prices, FIFO produces the highest ending inventory
relative to the other inventory costing methods.
The excess of acquisition cost over the current value of the investee's identifiable net
assets, referred to as goodwill, may not be recorded by the investor under current
generally accepted accounting principles.
A departure from the cost basis of accounting may be necessary when the
____________________ of the inventory is less than its cost to the company.
Adjustments are recorded for all transactions involving outside entities.
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