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Patti Company owns 80% of the common stock of Shannon, Inc. In the current year,...

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Accounting

Patti Company owns 80% of the common stock of Shannon, Inc. In the current year, Patti reports sales of $10,000,000 and cost of goods sold of $7,500,000. For the same period, Shannon has sales of $210,000 and cost of goods sold of $160,000. During the year, Patti sold merchandise to Shannon for $150,000 at a price based on the normal markup. At the end of the year, Shannon still possesses 30 percent of this inventory.

Compute consolidated sales.

Select one:

a. $10,140,000.

b. $10,240,000.

c. $10,210,000.

d. $10,260,000.

e. $10,060,000.

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