Question
Parkette, Inc., acquired a 60 percent interest in Skybox Company several years ago. During 2014, Skybox sold inventory costing $270,000 to Parkette for $337,500. A
Parkette, Inc., acquired a 60 percent interest in Skybox Company several years ago. During 2014, Skybox sold inventory costing $270,000 to Parkette for $337,500. A total of 13 percent of this inventory was not sold to outsiders until 2015. During 2015, Skybox sold inventory costing $259,250 to Parkette for $305,000. A total of 32 percent of this inventory was not sold to outsiders until 2016. In 2015, Parkette reported cost of goods sold of $560,000 while Skybox reported $337,500. What is the consolidated cost of goods sold in 2015?
$903,365.
$570,750.
$586,635.
$598,365
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