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During 2 0 X 1 , MSUTexas Co . sold merchandise to its wholly - owned subsidiary, Dillard Co . At the end of 2

During 20X1, MSUTexas Co. sold merchandise to its wholly-owned subsidiary, Dillard Co. At the end of 20X1, the merchandise remaining with Dillard contained $24,000 gross profit. In 20X2, MSUTexas sold additional merchandise to Dillard for $400,000. At year-end, this merchandise remaining with Dillard contained $20,000 gross profit. For 20X2, cost of goods sold was $4,400,000 for MSUTexas and $1,200,000 for Dillard. What was consolidated cost of goods sold for 20X2? a. $5,596,000 b. $5,196,000 c. $5,620,000 d. $5,604,000

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