Assume there are routine inventory sales between parent companies and subsidiaries. When preparing the consolidated financial statements, which of the following line items is indifferent to the sales being either upstream or downstream? a. Consolidated retained earnings
b. Consolidated gross profit
c. Noncontrolling interest share
d. Controlling interest share of consolidated net income

B. Consolidated gross profit

Explanation:

When businesses are said to be involved, gross profits in business is simply revenue from sales minus the costs to achieve those sales. In several cases, some people might say sales minus the cost of goods sold. It tells you how much money a company would have made if it didn’t pay any other expenses such as salary, water, electricity, income taxes, copy paper, rent and so forth for its employees. It's calculation is simple and done by subtracting cost of the goods sold from revenue. That is:

Gross Profit = Total Revenue - Cost of Goods Sold (COGS).

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