You are the newly hired controller of Winston Corporation, whose founder and sole owner, Harold…

You are the newly hired controller of Winston Corporation, whose founder and sole owner, Harold Winston, engaged you to “straighten out the books” in anticipation of the company’s “going public” in about three years. In reviewing the accounting records of Winston Corporation and its wholly owned subsidiary, Cranston Company, you find that both companies have used the periodic inventory system, but neither company had kept adequate records of Winston’s sales of its only product to Cranston, which sold that product and other products obtained from unrelated suppliers to Cranston customers. You learned from Harold Winston that no uniform markup had been applied to products sold to Cranston; the markups varied from 15% to 25% of Winston’s production costs. You also learn that the two companies had filed separate income tax returns, prepared by a local CPA firm, in past years. Your initial investigation indicates that, on the advice of the engagement partner of the local CPA firm, both Winston and Cranston had taken accurate physical inventories in past years.


Is it possible for you to prepare fairly presented consolidated financial statements for Winston Corporation and subsidiary as of the end of the first fiscal year of your controllership? Explain.

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