E 5-9 Compute noncontrolling interest and consolidated cost of sales (upstream sales) Income statement information for 2011 for Pug Corporation and its 60 percent-owned subsidiary, Sev Corporation, is as follows: Pug Sales Cost of sales Gross profit Operating expenses Sev's net income Pug's separate income $900 400 500 250 Sev $350 250 100 50 $ 50 $250 Intercompany sales for 2011 are upstream (from Sevto Pug) and total $100,000. Pug's December 31,2010, and December 31, 2011, inventories contain unrealized profits of $5,000 and $10,000, respectively. REQUIRED 1. Compute noncontrolling interest share for 2011. 2. Compute consolidated sales, cost of sales, and total consolidated income for 2011. E 5-9 Compute noncontrolling interest and consolidated cost of sales (upstream sales) Income statement information for 2011 for Pug Corporation and its 60 percent-owned subsidiary, Sev Corporation, is as follows: Pug Sales Cost of sales Gross profit Operating expenses Sev's net income Pug's separate income $900 400 500 250 Sev $350 250 100 50 $ 50 $250 Intercompany sales for 2011 are upstream (from Sevto Pug) and total $100,000. Pug's December 31,2010, and December 31, 2011, inventories contain unrealized profits of $5,000 and $10,000, respectively. REQUIRED 1. Compute noncontrolling interest share for 2011. 2. Compute consolidated sales, cost of sales, and total consolidated income for 2011