Problem - (LU 5-2,5-3) Top Company holds 90 percent of Bottom Company's common stock. In the current year, Top reports sales of $960,000 and cost of goods sold of $720,000. For this same period, Bottom has sales of $460,000 and cost of goods sold of $276,000. During the current year, Top sold merchandise to Bottom for $260,000. The subsidiary still possesses 60 percent of this Inventory at the current year-end. Top had established the transfer price based on its normal gross profit rate. What are the consolidated sales and cost of goods sold Multiple Choice O $1,160,000 and $970,000 O $1,114,000 and $829,600. o 0 $1,160,000 and $775,000.