Question

Parkette, Inc., acquired a 60 percent interest in Skybox Company several years ago. During 2017, Skybox sold inventory costing $199,500 to Parkette for $262,500. A total of 12 percent of this inventory was not sold to outsiders until 2018. During 2018, Skybox sold inventory costing $287,550 to Parkette for $355,000. A total of 28 percent of this inventory was not sold to outsiders until 2019. In 2018, Parkette reported cost of goods sold of $385,000 while Skybox reported $237,500. What is the consolidated cost of goods sold in 2018?

Answer 1

Answer:

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Explanation:

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