Parkette, Inc., acquired a 60 percent interest in Skybox Company several years ago. During 2020,...
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Parkette, Inc., acquired a 60 percent interest in Skybox Company several years ago. During 2020, Skybox sold inventory costing $258,750 to Parkette for $345,000. A total of 20 percent of this inventory was not sold to outsiders until 2021. During 2021, Skybox sold inventory costing $122,000 to Parkette for $152,500. A total of 35 percent of this inventory was not sold to outsiders until 2022. In 2021, Parkette reported cost of goods sold of $557,500 while Skybox reported $370,000. What is the consolidated cost of goods sold in 2021?
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