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Papa Corporation owns 75% of the outstanding stock of San Company, acquired at book value during 2018. Selected information from the accounts of Papa and San for 2020 are as follows:
Papa San
Sales 900,000 00,000
Cost of goods sold 490,000 190,000
Question 1: During 2020, Papa sold merchandise to San for P50,000 at a gross profit of P20,000. Half of this merchandise remained in San's inventory at December 31, 2020. San's December 31, 2019 inventory included unrealized profit of P4,000 on goods acquired from Papa. What is the consolidated sales and cost of sales for 2020?
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