P Corporation owns 80 percent of S Inc.'s common stock. During 2020, P sold Inventory to S for $250,000 on the same terms as sales made to third parties. S sold all of the inventory purchased from P in 2020 The following information pertains to S and P sales for 2020 P s Sales $1,000,000 $ 700,000 Cost of Sales (400,000) (350,000) Gross Profit $ 600,000 $ 350,000 What amount should P report as cost of sales in its 2021 consolidated income statement Select one: a. $430,000 b. $500,000 c. $750,000 d. $680,000 on 4 ed P Corporation acquired an 80% interest in s Corporation on January 1, 2014, when the book values of S assets and liabilities were equal to their fair values. The cost of the 80% interest was equal to 80% of the book value of S net assets. During 2014, P sold merchandise that cost $35,000 to S for $43,000. On December 31, 2014, three-fourths of the merchandise acquired from P remained in s inventory. Separate incomes (investment income not included) of the two companies are as follows: out of question P S $180,000 $160,000 Sales Revenue 120,000 90,000 Cost of Goods Sold 17,000 21,000 Operating Expenses $ 49,000 Separate incomes $ 43,000 the year ended December 31, 2014 the unrealized income from intercompany sales Select one: a. $ 6,000 loss b. $6,000 profit c. $ 2,000 profit d. $ 2,000 loss