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: Why are these wrong? I did what I was supposed to and got part A right which was "What amount of sales will be reported in the consolidated income statement for 20X8?: 787,000"

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 $672,000 161,000 Smart Company $ 537,000 261,000 22,000 Total sales Sales to Smart Company Sales to Phone Corporation Net income Operating income (excluding investment income from Smart) Inventory on hand, December 31, 20x8, purchased from: Smart Company Phone Corporation 72,000 52,200 48,300 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: 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.) Answer is complete but not entirely correct. Amount of cost of sold $ 528,464 c. What amount of consolidated net income and income to controlling interest will be reported in the 20X8 consolidated income statement? Answer is complete but not entirely correct. Consolidated net income Income to controlling interest $ 71,036 X $ 65,026 d. What balance will be reported for inventory in the consolidated balance sheet for December 31, 20X8? Answer is complete but not entirely correct. Inventory $ 77,536 X