Pie Bakery owns $60$ percent of Slice Products Company's stock. On January $1,20$X$9,$ inventory reported by Pie included $20,000$ bags

of flour purchased from Slice at $$9$ per bag. By December $31,20$X$9,$ all the beginning inventory purchased from Slice Products had

been baked into products and sold to customers by Pie. There were no transactions between Pie and Slice during $20$X$9.$

Both Pie Bakery and Slice Products price their sales at cost plus $50$ percent markup for profit. Pie reported income from its baking

operations of $$300,000,$ and Slice reported net income of $$250,000$ for $20$X$9.$

Required:

a$.$ Compute the amount reported as cost of goods sold in the $20$X$9$ consolidated income statement for the flour purchased from Slice

in $20$X$8.$

Note: Do not round intermediate calculations.

Answer is complete and correct.

Cost of goods sold

$ $120,000$

b$.$ Prepare the consolidation entry or entries required to remove the effects of the unrealized profit in beginning inventory in preparing

the consolidation worksheet as of December $31,20$X$9.$

Note: Do not round intermediate calculations.

c$.$ Compute the amounts reported as consolidated net income and income assigned to the controlling interest in the $20$X$9$

consolidated income statement.

Note: Do not round intermediate calculations.

Answer is not complete.