What is the consolidated cost of goods sold

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Problem - Parkette, Inc., acquired a 60 percent interest in Skybox Company several years ago. During 2020, Skybox sold inventory costing $75,000 to Parkette for $100,000. A total of 16 percent of this inventory was not sold to outsiders until 2021. During 2021, Skybox sold inventory costing $96,000 to Parkette for $120,000. A total of 35 percent of this inventory was not sold to outsiders until 2022. In 2021, Parkette reported cost of goods sold of $380,000 while Skybox reported $210,000. What is the consolidated cost of goods sold in 2021?

Reference no: EM132946033

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