Question
Pilgrim, Inc., acquired a 60 percent interest in Symbol Company several years ago. During 2020, Symbol sold inventory costing $142,000 to Pilgrim for $177,500. A
Pilgrim, Inc., acquired a 60 percent interest in Symbol Company several years ago. During 2020, Symbol sold inventory costing $142,000 to Pilgrim for $177,500. A total of 15 percent of this inventory was not sold to outsiders until 2021. During 2021, Symbol sold inventory costing $106,250 to Pilgrim for $125,000. A total of 28 percent of this inventory was not sold to outsiders until 2022. In 2021, Pilgrim reported cost of goods sold of $515,000 while Symbol reported $255,000. What is the consolidated cost of goods sold in 2021?
Multiple Choice
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$628,250.
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$769,925.
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$645,075.
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