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Powns 80% of the common stock of S. In Year 1, P reports sales of $10,000,000 and cost of goods sold of $7,500,000. For the same period, S has sales of $200,000 and cost of goods sold of $160,000. During the year, P sold merchandise to S for $60,000 at a price based on the normal markup. At the end of Y1, S still possesses 30% of this inventory Assume the same information, except S sold inventory to P. Compute consolidated sales O 10,260,000 $10,126,000 $10,200,000 $10,140,000 $10,000,000