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 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 208 ? b. What amount of cost of goods sold will be reported in the 20X8 consolidated income statement? (Do not round intermediate calculations and round your final answers to nearest whole dollar amount.) c. What amount of consolidated net income and income to controlling interest will be reported in the 208 consolidated income statement? d. What balance will be reported for inventory in the consolidated balance sheet for December 31,208 ? 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 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 208 ? b. What amount of cost of goods sold will be reported in the 20X8 consolidated income statement? (Do not round intermediate calculations and round your final answers to nearest whole dollar amount.) c. What amount of consolidated net income and income to controlling interest will be reported in the 208 consolidated income statement? d. What balance will be reported for inventory in the consolidated balance sheet for December 31,208