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What are the consolidated sales and cost of goods sold

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Top Company holds 90 percent of Bottom Company's common stock. In the current year, Top reports sales of $878,000 and cost of goods sold of $658,500. For this same period, Bottom has sales of $323,000 and cost of goods sold of $242,250. During the current year, Bottom sold merchandise to Top for $164,000. The parent still possesses 30 percent of this inventory at the current year-end. Bottom had established the transfer price based on its normal gross profit rate. What are the consolidated sales and cost of goods sold?

Reference no: EM131763846

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