Parent Co. acquired 100% of Sub, Inc. on January 1, 2019. During 2019, Parent sold goods to Sub for $250,000 that cost Parent $180,000. Sub still owned 40% of the goods at the end of 2019. Cost of goods sold was $1,080,000 for Parent and $640,000 for Sub in 2019.

Prepare all consolidation entries related to inventory and cost of goods sold for 2019.

The consolidated cost of goods sold for 2019 was ___1290000____? (show calculation for full credits)

Assuming that the remainder of the inventory was sold to third parties during 2020, prepare the 2020 consolidation entry.