#7

Phone Corporation owns 80 percent of Smart Company's stock. At the end of 208, Phone ond Smort reported the following partiol operating results and inventory bolonces: Phone regularly prices its products ot cost plus a 40 percent morkup for profit. Smort prices its sales at cost plus a 20 percent markup The totol soles reported by Phone ond Smort include both intercompony sales and sales to nonaffiliates. Required: a. Whot omount of soles will be reported in the consolidated income stotement for 208 ? b. What amount of cost of goods sold will be reported in the 208 consolideted income stotement? Note: Do not round intermediate calculations and round your final answers to nearest whole dollar amount. c. What omount of consolidated net income and income to controlling interest will be reported in the 208 consolidated income statement? d. Whot bolance will be reported for inventory in the consolidated balence sheet for December 31,208