Phone Corporation owns 80 percent of Smart Company's stock. At the end of 20X8, Phone and Smart reported the following partial operating results and inventory balances:

	Phone Corporation	Smart Company
Total sales	$ 707,000	$ 522,000
Sales to Smart Company	150,500
Sales to Phone Corporation		250,500
Net income		29,000
Operating income (excluding investment income from Smart)	79,000
Inventory on hand, December 31, 20X8, purchased from:
Smart Company	50,100
Phone Corporation		45,150

Phone regularly prices its products at cost plus a 40 percent markup for profit. Smart prices its sales at cost plus a 20 percent markup. The total sales reported by Phone and Smart include both intercompany sales and sales to nonaffiliates.

Required:

A-What amount of sales will be reported in the consolidated income statement for 20X8?

B-What amount of cost of goods sold will be reported in the 20X8 consolidated income statement?

C-What amount of consolidated net income and income to controlling interest will be reported in the 20X8 consolidated income statement?

D-What balance will be reported for inventory in the consolidated balance sheet for December 31, 20X8?