P Company owns a 80% interest in S company. During 2011, S sells merchandise to p for $150 at a profit of $20. During 2011, P Co. resells 70% of the merchandise for $125. Income statements for P and S are summarized below:

P S

Sales $125 $150

Cost of sales ($105) ($120)

Gross profit $20 $30

1. Consolidated sales for 2011 are

2. Consolidated cost of good sold for 2011 are