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What amount should Park report as cost of goods sold

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Reference no: EM133172772

Question - During the current year, Park Corp. recorded $368,000 of sales of inventory to Small Co., its wholly-owned subsidiary, on the same terms as sales made to third parties. At December 31, Small held one-fifth of these goods in its inventory. The following information pertains to Park's and Small's sales for the year:

Park

Small

Sales

$2,000,000

$1,400,000

Cost of goods sold

767,000

700,000

Required - In its consolidated income statement, what amount should Park report as cost of goods sold?

Reference no: EM133172772

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