3. Par Corporation owns 80 percent of Sit's common stocok. During 2011, Par sold Sit $750,000 of nenry on the same terms as sales made to third parties. Sit sold 100 percent of the inventory purchased from Par in following information pertains to Sit's and Par's sales for 2011 2011. The Par Sit Sales Cost of sales $3,000,000 1,200,000 $1,800,000 $2,100,000 1,050,000 $1,050,000 What amount should Par report as cost of sales in its 2011 consolidated income statement? a $2,250,000 $2,040,000 $1,500,000 d $1,290,000