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What is the consolidated cost of goods sold

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Question - Parkette, Inc., acquired a 60 percent interest in Skybox Company several years ago. During 2020, Skybox sold inventory costing $82,000 to Parkette for $102,500. A total of 20 percent of this inventory was not sold to outsiders until 2021. During 2021, Skybox sold inventory costing $146,625 to Parkette for $172,500. A total of 32 percent of this inventory was not sold to outsiders until 2022. In 2021, Parkette reported cost of goods sold of $550,000 while Skybox reported $267,500. What is the consolidated cost of goods sold in 2021?

Reference no: EM133022291

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