Vic Corporation operates entirely in the United States but in different industries. It segments the business based on industry. Total sales of the segments, including intersegment sales, are as follows:
Concrete and stone products | $400,000 |
Construction | 1,000,000 |
Lumber and wood products | 1,800,000 |
Building materials | 1,000,000 |
Other | 100,000 |
Further analysis reveals sales from one segment to another as follows:
Lumber and wood products | $800,000 |
Building materials | 400,000 |
REQUIRED
1. Determine which segments are reportable segments under both the 10 percent and the 75 percent revenue tests.
2. Prepare a schedule suitable for disclosing revenue by industry segment for external reporting.
3. Prepare a reconciliation of segment revenue with consolidated revenue.
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