Pot Co. holds 90% of the common stock of Skillet Co. During 2018, Pot reported sales of $1,120,000 and cost of goods sold of $840,000. For this same period, Skillet had sales of $420,000 and cost of goods sold of $252,000.Included in the amounts for Pot's sales were Pot's sales of merchandise to Skillet for $140,000. There were no intra-entity transfers from Skillet to Pot. Intra-entity transfers had the same markup as sales to outsiders. Skillet still held 40% of the intra-entity gross profit remaining in ending inventory at the end of 2018. What are consolidated sales and cost of goods sold, respectively for 2018?
A. $1,400,000 and $ 952,000.
B. $1,540,000 and $1,078,000.
C. $1,400,000 and $ 966,000.
D. $1,540,000 and $1,092,000.
E. $1,400,000 and $1,022,000.
Answer: C
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