Player Company acquired 70 percent ownership of Scout Companys voting shares on January 1, 20X2. During 20X5, Player purchased inventory for $29,000 and sold the full amount to Scout Company for $39,000. On December 31, 20X5, Scouts ending inventory included $7,800 of items purchased from Player. Also in 20X5, Scout purchased inventory for $52,000 and sold the units to Player for $82,000. Player included $20,500 of its purchase from Scout in ending inventory on December 31, 20X5.

Summary income statement data for the two companies revealed the following:

	Player Company	Scout Company
Sales	$ 351,350	$ 240,000
Income from Scout	64,150
	$ 415,500	$ 240,000
Cost of Goods Sold	$ 235,000	$ 110,000
Other Expenses	69,000	28,000
Total Expenses	$ (304,000)	$ (138,000)
Net Income	$ 111,500	$ 102,000

Required:

a. Compute the amount to be reported as sales in the 20X5 consolidated income statement.

b. Compute the amount to be reported as cost of goods sold in the 20X5 consolidated income statement.

(HINT: calculate consolidated COGS by adding to COGS of both companies and subtracting the TOTAL adjustments to COGS from both companies)

c. What amount of income will be assigned to the noncontrolling shareholders in the 20X5 consolidated income statement?

d. What amount of income will be assigned to the controlling interest in the 20X5 consolidated income statement?