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Colbert Inc. acquired 100% of Stewart Manufacturing on January 2, 2020. During 2020, Colbert sold Stewart $640,000 of goods, which had cost $450,000. Stewart still
Colbert Inc. acquired 100% of Stewart Manufacturing on January 2, 2020. During 2020, Colbert sold Stewart $640,000 of goods, which had cost $450,000. Stewart still owned 20% of the goods at the end of the year. In52021, Colbert sold goods with a cost of $820,000 to Stewart for $1,000,000, and Stewart still owned 25% of the goods at yearend. For 2021, the cost of goods sold totaled $5,500,000 for Colbert, and $1,400,000 for Stewart. What was consolidated cost of goods sold for 2021?
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