Lorn Corporation purchased inventory from Dresser Corporation for $ 1 2 0 , 0 0 0 on September 2 0 , 2 0 X 1 , and resold 8 0 percent of the inventory to unaffiliated companies prior to December 3 1 , 2 0 X 1 , for $ 1 4 0 , 0 0 0 Dresser produced the inventory sold to Lorn for $ 7 5 , 0 0 0 Lorn owns 7 0 percent of Dresser s voting common stock The companies had no other transactions during 2 0 X 1 What amount of cost of goods sold will be reported in the 2 0 X 1 consolidated income statement multiple choice $ 1 2 0 , 0 0 0 $ 6 0 , 0 0 0 $ 1 7 1 , 0 0 0 $ 9 6 , 0 0 0 $ 7 5 , 0 0 0

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Lorn Corporation purchased inventory from Dresser Corporation for $ 1 2 0 , 0 0 0 on September 2 0 , 2 0 X 1 , and resold 8 0 percent of the inventory to unaffiliated companies prior to December 3 1 , 2 0 X 1 , for $ 1 4 0 , 0 0 0   Dresser produced the inventory sold to Lorn for $ 7 5 , 0 0 0   Lorn owns 7 0 percent of Dresser s voting common stock  The companies had no other transactions during 2 0 X 1   What amount of cost of goods sold will be reported in the 2 0 X 1 consolidated income statement  multiple choice $ 1 2 0 , 0 0 0 $ 6 0 , 0 0 0 $ 1 7 1 , 0 0 0 $ 9 6 , 0 0 0 $ 7 5 , 0 0 0

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Lorn Corporation purchased inventory from Dresser Corporation for $ 1 2 0 , 0 0 0 on September 2 0 , 2 0 X 1

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