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Parkette, Inc., acquired a 60 percent interest in Skybox Company several years ago. During 2020,...

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Accounting

Parkette, Inc., acquired a 60 percent interest in Skybox Company several years ago. During 2020, Skybox sold inventory costing $146,250 to Parkette for $195,000. A total of 16 percent of this inventory was not sold to outsiders until 2021. During 2021, Skybox sold inventory costing $224,000 to Parkette for $280,000. A total of 27 percent of this inventory was not sold to outsiders until 2022. In 2021, Parkette reported cost of goods sold of $600,000 while Skybox reported $420,000. What is the consolidated cost of goods sold in 2021?

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