1. During the current year, Company P recorded S800,000 of sales of inventory to Company S, its wholly owned (100%) subsidiary. At December 31, Company S held 25% of these goods purchased from P in its inventory. The following information pertains to P's and S's sales for the year: Sales Cost of goods sold 1,500,000 800,000 Gross profit S 2,500,000 S 1,200,000 000 s400,000 In its consolidated income statement, what amount would P report as Cost of goods sold? A. 2,300,000 B. ,500,000 C. 1,580,000 D. 1,420,000