4 E6-8 Inventory Transfer between Parent and Subsidiary LO 6-3 Planner Corporation owns 60 percent of Schedule Company's voting shares. During 20x3, Planner produced 27,000 computer desks at a cost of $82 each and sold 12,000 of them to Schedule for $94 each Schedule sold 8,000 of the desks to unaffiliated companies for $144 each prior to December 31, 20X3, and sold the remainder in early 20x4 for $154 each. Both companies use perpetual Inventory systems Book Prim Required: a. What amounts of cost of goods sold did Planner and Schedule record in 20x3? ferences Cost of Goods Sold $ 984.000 $ 752,000 Planner Corporation Schedule Company b. What amount of cost of goods sold must be reported in the consolidated income statement for 20x3? (Do not found intermediate calculations.) Cost of goods sold $ 656,000 10 points c. Prepare the worksheet consolidation entry or entries needed in preparing consolidated financial statements at December 31, 20X3. relating to the intercorporate sale of inventory (if no entry is required for a transaction/event, select "No journal entry required in the first account field. Do not round Intermediate calculations.) Print view transactionist Heferences transaction list No Entity Accounts Dobit Credit 1 1,128,000 Sales Cost of goods sold Inventory d. Prepare the worksheet consolidation entry or entries needed in preparing consolidated financial statements at December 31, 20X4 relating to the intercorporate sale of inventory. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations.) view transaction list transaction list No Credit Dibit Entry 1 A Accounts Investment in Schedule Company Cost of goods sold e. Prepare the worksheet consolidation entry or entries needed in preparing consolidated financial statements at December 31, 20X4. relating to the intercorporate sale of inventory if the sales were upstream. Assume that Schedule produced the computer desks at a cost of $82 each and sold 12,000 desks to Planner for $94 each in 20X3, with Planner selling 8,000 desks to unaffiliated companies in 20x3 and the remaining 4,000 in 20x4. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations.) view transaction list transaction list No Accounts Deolt Entry Credit 1 Investment in Schedule Company NCI I NA of Schedule Company Cost of goods sold