12. During 2020, Allie's cost of goods sold was $500,000, and Choco's cost of goods sold was $600,000. What is the consolidated cost of goods sold on 12/31/2020?

1.On 1/1/2019, Choco Corp. acquired 90% of the voting common stock of Allie Inc. for $180,000 and the fair value of non-controlling interest (NCI) on acquisition date was $20,000. There is no control premium for Choco' acquisition of Allie. Following is intra- entity inventory (downstream) sales between Choco and Allie in 2019 and 2020. Transfer price Historical cost % of intra-entity inventory sales unsold at the end of each year 2019 $670,000 $603,000 40% 2020 $500,000 $425,000 50% 0 On 1/1/2019, Choco allocated the entire $70,000 excess fair value over book value of Allie as a Trademark (with an estimated remaining life of 7 years). Choco uses the equity method to account for its investment in Allie. Following is net income and dividends information for Choco and Allie in 2019 and 2020. 2019 2020 Choco Allie Choco Allie Net income $550,000 $400,000 $650,000 $600,000 Dividends $220,000 $100,000 $320,000 $120,000 Book value of Allie's net assets on 1/1/2019 is $130,000. 1.On 1/1/2019, Choco Corp. acquired 90% of the voting common stock of Allie Inc. for $180,000 and the fair value of non-controlling interest (NCI) on acquisition date was $20,000. There is no control premium for Choco' acquisition of Allie. Following is intra- entity inventory (downstream) sales between Choco and Allie in 2019 and 2020. Transfer price Historical cost % of intra-entity inventory sales unsold at the end of each year 2019 $670,000 $603,000 40% 2020 $500,000 $425,000 50% 0 On 1/1/2019, Choco allocated the entire $70,000 excess fair value over book value of Allie as a Trademark (with an estimated remaining life of 7 years). Choco uses the equity method to account for its investment in Allie. Following is net income and dividends information for Choco and Allie in 2019 and 2020. 2019 2020 Choco Allie Choco Allie Net income $550,000 $400,000 $650,000 $600,000 Dividends $220,000 $100,000 $320,000 $120,000 Book value of Allie's net assets on 1/1/2019 is $130,000