Any extra comments that might help me understand what I should be focusing on when solving this type of problem is greatly appreciated! I'm so lost.

Pie Bakery owns 60 percent of Slice Products Company's stock. During 20X8, Slice produced 100,000 bags of flour, which it sold to Pie Bakery for $900,000. On December 31, 20X8, Pie had 20,000 bags of flour purchased from Slice Products on hand. Slice prices its sales at cost plus 50 percent of cost for profit. Pie, which purchased all its flour from Slice in 208, had no inventory on hand on January 1,208. Pie Bakery reported income from its baking operations of $400,000, and Slice Products reported net income of $150,000 for 208. Required: a. Compute the amount reported as cost of goods sold in the 208 consolidated income statement. Note: Do not round intermediate calculations. b. Prepare the worksheet consolidation entry or entries required to remove the effects of the intercompany sale in preparing consolidated statements at the end of 208. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations