During 2021, Austin Company sold inventory costing $100,000 to Phillip Company, its 80% owned subsidiary, for $250,000 on the same terms as it sells to third parties. Phillip sold all of the inventory to a third party for $500,000. In its 2021 consolidation income statement, what amount should Austin report as cost of goods sold? The following information is provided regarding Austin and Phillip's sales for 2021 before elimination entries