Binary Company acquired 75% ownership of Fordham Corporation in 20X5, at underlying book value. On that date, the fair value of the non-controlling interest was equal to 25% of the book value of Fordham Corporation. Binary purchased inventory from Fordham for $150,000 on July 24, 20X6, and resold 90% of the inventory to unaffiliated companies on November 11, 20X6, for $160,000. Fordham produced the inventory sold to Binary at a total cost of $120,000. The companies had no other transactions during 20X6.

1. Based on the information given above, what amount of sales will be reported in the 20X6 consolidated income statement?
2. Based on the information given above, what amount of cost of goods sold will be reported in the 20X6 consolidated income statement?