E 5-7 Downstream of Inventory Xuma SA was a subsidiary of Fabian SA. Fabian SA had a policy to sell its merchandises at mark u beginning balance of Xuma inventory in 2014 which is sold in the current year was $220,000erce inventory included merchandises purchased from Fabian SA. During 2014, Fabian SA sold mer for $550,000. Xuma has sold $440,000 of these merchandises to the third parties. The data of the sales Xuma sales for both companies are as follows: Fabian SA Xuma SA Sales Cost of Sales $2.200,000 1,700,00o $2,000,000 $1,500,000 REQUIRED 1. What is the amount of sales that should appear on the consolidated income statement? 2. What is the amount cost of sales that should appear on the consolidated income statement