On January 1, 2022, Maria, Inc. acquired 70% of the voting shares of Sandro, Inc.

In 2022, Sandro bought Mara's inventory on credit for $300,000.

The account will be paid during the first week of January 2023.

The cost of the inventory on Maria's books was 250,000.

During 2022, Sandro sold 100% of this inventory outside the group for $375,000.

Required: Be sure to show all work to receive full credit.

1. What amount of sales will be reported in the 2022 Consolidated Income Statement?

2. What amount of cost of goods sold will be reported on the 2022 Consolidated Income Statement?