In a world of corporate alliance, MightCorp holds complete ownership of its subsidiary, SwiftEnterprises. During the current year, both companies reported the following financial information:

	MightCorp	SwiftEnterprises
COGS	$420,000	$126,000
SALES	$560,000	$210,000

Embedded within MightCorp's reported sales of $560,000 is a sale of inventory to SwiftEnterprises at a transfer price of $70,000. Notably, there were no intra-entity sales from SwiftEnterprises to MightCorp. Sales within the corporate family family carried the same markup as sales to external customers. By year's end, SwiftEnterprises had successfully resold all intra-entity purchases from MightCorp to outside parties. Please calculate (1) the consolidated sales and (2) consolidated cost of goods for the year.