p Company owns 80% of the common stock of S, Inc. In the current year, P Company reports sales of $10,000,000 and cost of goods sold of $7,500,000. For the same period, Sinc, has sales of $200,000 and cost of goods sold of $160,000. During the year, P Company sold merchandise to S Inc. for $60,000 at a price based on the normal markup (Hint use seller's sales and COGS to determine gross profit rate.) At the end of the year, S Inc. still possesses 30 percent of this inventory Compute consolidated cost of goods sold. Multiple Choice $7,500,000 $7,615.000 $7,500.000. $7,615.000. $7600.000. $7,660,000. $7,604,500