Posen Corporation owns 90% of Xerox Companys outstanding common stock. On 08/28/20, Posen sold inventory to Xerox in exchange for $650,000 cash. Posen had purchased the inventory pn 05/02/20 at a cost of $520,000.

On 12/20/20, Xerox sold 75% of the inventory to 3rd parties at a cash price of $609,375. The other 25% of the inventory remains on hand at 12/31/20.

Consolidation entry at year-end would include:

Debit to Sales ...?

Credit to COGS ...?

Credit to Inventory ...?

Year-end consolidated financial statements would include:

Consolidates Sales ?

Consolidated COGS ?

Consolidated Inventory ?