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  3. pot co. holds 90% of the common stock of skillet c

Pot Co. holds 90% of the common stock of Skillet Co. During 2021, Pot reported...

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Accounting

imageimage Pot Co. holds 90% of the common stock of Skillet Co. During 2021, Pot reported sales of $1,120,000 and cost of goods sold of $840,000. For this same period, Skillet had sales of $420,000 and cost of goods sold of $252,000. Included in the amounts for Skillet's sales were intra-entity gross profits related to Skillet's intra entity transfer of merchandise to Pot for $140,000. There were no intra-entity transfers from Po to Skillet. Intra-entity transfers had the same markup as sales to outsiders. Pot still had 40% of the intra-entity gross profit remaining in ending inventory at the end of 2021. What are consolidated sales and cost of goods sold for 2021 ? Multiple Choice $1,400,000 and $952,000. $1,400,000 and $966,000. $1,540,000 and $1,078,000. $1,400,000 and $974,400. During 2021 , Pride bought inventory for $112,000 and sold it to Strong for $140,000. Only half of the Inventory purchase price had been remitted to Pride by Strong at year-end. As of December 31, 2021, 60% of these goods remained in the company's possession. What is the consolidated total for Inventory at December 31, 2021? Multiple Cholce $336,000. $280,000. $364,000. $347,200. $349,300

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