Calculating Consolidated Sales and Cost of Sales During 2006, Pyra Inc. sold inventory costing

$150,000 to Syra Inc., its 100%-owned subsidiary, at the same mark-up percentage as sales to third parties. As of 12/31/06, Syra had resold 90% of this inventory. Information regarding total sales for both entities follows:

Pyra Inc. Syra Inc.

Sales . $1,200,000 $ 900,000 Cost of sales . C^O-OOO) (600,000)

Gross Profit . $ 480,000 $ 300,000 1. What is the reportable consolidated sales amount for 2006?

2. What is the reportable consolidated cost of sales amount for 2006?