Kane, Inc. acquired 100% of Toews Enterprises on January 5, 2014. During 2014, Kane sold Toews for $375,000 goods which had cost $255,000. Toews still owned 10% of the goods at the end of the year. In 2015, Kane sold goods with a cost of $480,000 to Toews for $600,000, and the buyer still owned 15% of the goods at year-end. For 2015, cost of goods sold was $3,240,000 for Kane and $720,000 for Toews. 

What was consolidated cost of goods sold for 2015?

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To calculate the consolidated cost of goods sold for 2015 we need to consider the t... View the full answer