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Parent Company owns 75% of Subsidiary Company. For the current year, Parent and Subsidiary each report sales of P800,000 and P700,000 each, respectively. Also in the current year, Parent sold goods to Subsidiary costing P80,000 for P100,000. 40% of the goods purchased by the Subsidiary still remain unsold by the end of the year. Parent and Subsidiary also report ending inventory of P75,000 and P60,000, each respectively.
Question 1) Determine the consolidated sales.
Question 2) Determine the consolidated inventory at year-end.
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