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GreatSUNY owns 100% of GreatOW. During the current year. Those two companies report the following information for the current year: COGS SALES GreatSUNY GreatOW
GreatSUNY owns 100% of GreatOW. During the current year. Those two companies report the following information for the current year: COGS SALES GreatSUNY GreatOW $840,000 $252,000 $1,120,000 $420,000 Within the above sales figure for GreatSUNY ($1,120,000) were its sales of inventory to GreatOW for a price of $140,000. There were no intra- entity sales from GreatOW to GreatSUNY. Intra-entity sales had the same markup as sales to outsiders. GreatOW had resold all of the intra- entity purchase from GreatSUNY to outside parties during the year. What are consolidated sales AND consolidated cost of goods sold for the year? (15 Points)
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