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Parkette, Inc., acquired a 60 percent interest in Skybox Company several years ago. During 2017, Skybox...

Parkette, Inc., acquired a 60 percent interest in Skybox Company several years ago. During 2017, Skybox sold inventory costing $82,000 to Parkette for $102,500. A total of 20 percent of this inventory was not sold to outsiders until 2018. During 2018, Skybox sold inventory costing $146,625 to Parkette for $172,500. A total of 32 percent of this inventory was not sold to outsiders until 2019. In 2018, Parkette reported cost of goods sold of $550,000 while Skybox reported $267,500. What is the consolidated cost of goods sold in 2018?

Multiple Choice

$650,375.

$821,680.

$640,820.

$649,180.

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Answer #1

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