Compute what is consolidated cost of goods sold

Reference no: EM131970385

Problem

Red Inc. owns 80% of White Company's outstanding common stock. Red reports cost of goods sold in the current year of $425,000 while White Co. reports $260,000. During the current year, Red Inc. sells inventory costing $125,000 to White Co. for $187,500. 60% of these goods are not resold by White Company until the following year. What is consolidated cost of goods sold?

Reference no: EM131970385

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