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Question - Park Inc. owns 80% of Smith Inc.'s common stock. During 2020, Park sold inventory to Smith for $500,000 on the same terms as sales made to third parties. Smith sold all of the inventory purchased from Park in 2020. The following information pertains to Park and Smith sales in 2020:
Park Inc.
Smith Inc.
Sales
$2,000,000
$1,400,000
Cost of Goods Sold
(800,000)
(700,000)
Gross Profit
$1,200,000
$700,000
Required - What amount should Park report as Cost of Goods Sold in its 2020 consolidated income statement?
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