John company owns 100% of the common stock of Bob, inc. Total sales and cost of goods sold for both companies are as follows:

John company: Sales: $500,000 Cost of goods sold: $400,000 Gross profit: $100,000

Bob Inc: Sales $80,000 Cost of goods sold: $56,000 Gross profit: $24,000

During the year, John company sold merchandise costing $100,000 to John Inc for $140,000. At the end of the year Bob Inc still possesses 30% of this inventory.

Please compute the consolidated sales and cost of goods sold. Also please make Entry TI and Entry G as applicable. thank you