Eagle Corporation owns 80% of Flyway Inc.'s common stock that was purchased at its underlying book value. The two companies report the following information for 2019 and 2020. During 2019, one company sold inventory to the other company for $50,000 which cost the transferor $40,000. As of the end of 2019, 30% of the inventory was unsold. In 2020, the remaining inventory was resold outside the consolidated entity. 2019 Selected Data: Sales Revenue Cost of Goods Sold Other Expenses Net Income Eagle $600,000 320,000 100.000 $180.000 Flyway $320,000 155,000 89,000 $ 76,000 Dividends Paid 19,000 0 2020 Selected Data: Sales Revenue Cost of Goods Sold Other Expenses Net Income Eagle $580,000 300.000 130.000 $150.000 Flyway $445,000 180,000 171,000 $ 94.000 Dividends Paid 16,000 5,000 7. a. If the intercompany sale was an upstream sale, the total amount of consolidated cost of goods sold for 2020 will be? $300,000. b. $480,000. $470,000. d. $477,000. c