Problem $6-28($Static$)$ Computation of Consolidated Totals LO $6-3,6-4$

Phone Corporation owns $80$ percent of Smart Company's stock. At the end of $20$X$8,$ Phone and Smart reported the following partial operating results and inventory balances:

Phone regularly prices its products at cost plus a $40$ percent markup for profit. Smart prices its sales at cost plus a $20$ percent markup. The total sales reported by Phone and Smart include both intercompany sales and sales to nonaffiliates.

Required:

a$.$ What amount of sales will be reported in the consolidated income statement for $20$X$8?$

Answer is complete and correct.

b$.$ What amount of cost of goods sold will be reported in the $20$X$8$ consolidated income statement?

Note: Do not round intermediate calculations and round your final answer to nearest whole dollar amount.

Answer is complete but not entirely correct.

c$.$ What amount of consolidated net income and income to controlling interest will be reported in the $20$X$8$ consolidated income statement?

Answer is complete but not entirely correct. d$.$ What balance will be reported for inventory in the consolidated balance sheet for December $31,20$X$8?$

Answer is complete but not entirely correct.