P owns 100% of S. P and S Company had the following transaction during 20X2:

• S sold inventory to P for $240,000. S's had cost of $192,000 for the items sold to P.
• P had $60,000 of this inventory remaining on hand at December 31, 20X2.

There were no transactions with affiliated entities prior to 20X2.

What credit to inventory should be recorded as part of the consolidating entries for the controlled group?