11 PCO owns a 90% interest in S Co, purchased at a time when the book values of S recorded assets and liabilities were equal to fair values. During 2014, S sold merchandise to P cost 32,000 for $40,000. At December 31, 2014, 75% of this merchandise is still in P inventory. Separate Incomes for P&S are summarized as follows: P S Sales $900,000 $200,000 100,000 100,000 Cost of sales 400,000 Gross profit 500,000 Operating expenses 200,000 Separate income $300,000 of total sales in consolidated income statement? 80,000 $ 20,000 What is amount Select one: a. 1.066,000 b. 1.068,000 1.100.000 d. 1.060,000