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What is ps 2016 consolidated cost of goods sold

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Question: The parent firm P holds 100% of the outstanding shares of the subsidiary S. Below you will find excerpts from the income statements for the year ended December 31, 2016 for the individual companies P and S. Both P and S close their books on the same day. Income Statements for the year ended December 31, 2016 P S Revenues $1,500 $500 COGS 1,100 300 Gross Profit 400 200 . P purchased 3 units from S for $100 each during the year ended December, 2016. S incurred costs of $60 to produce each of these units. P sold two of these three units to an external party for $200, with the remaining unit still in its inventory at December 31, 2016. . The remaining revenues for both companies were generated from other sale transactions to third parties. What is P's 2016 consolidated cost of goods sold after accounting for eliminating entries?

Reference no: EM132756983

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