What is the consolidated cost of goods sold

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Reference no: EM131956072

Problem

Parkette, Inc., acquired a 60 percent interest in Skybox Company several years ago. During 2014, Skybox sold inventory costing $197,750 to Parkette for $282,500. A total of 20 percent of this inventory was not sold to outsiders until 2015. During 2015, Skybox sold inventory costing $146,250 to Parkette for $195,000. A total of 32 percent of this inventory was not sold to outsiders until 2016. In 2015, Parkette reported cost of goods sold of $575,000 while Skybox reported $320,000. What is the consolidated cost of goods sold in 2015?

Reference no: EM131956072

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