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What is the consolidated sales and cost of sales

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Reference no: EM132557270

Papa Corporation owns 75% of the outstanding stock of San Company, acquired at book value during 2018. Selected information from the accounts of Papa and San for 2020 are as follows:

                                       Papa                    San

Sales                                 900,000              00,000

Cost of goods sold                490,000               190,000

Question 1: During 2020, Papa sold merchandise to San for P50,000 at a gross profit of P20,000. Half of this merchandise remained in San's inventory at December 31, 2020. San's December 31, 2019 inventory included unrealized profit of P4,000 on goods acquired from Papa. What is the consolidated sales and cost of sales for 2020?

Reference no: EM132557270

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