reck my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion.

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:

$\backslash$table$[[,$Phone Corporation,Smart Company$],[$Total sales,$ $728,890,$$ $531,008],[$Sales to Smart Company,$158,900,],[$Sales to Phone Corporation,,$258,900],[$Net income,,$28,000],[$Operating income $($excluding investment income from Smart$),78,600,],[$Inventory on hand, December $31,20$X$8,$ purchased from:,,$],[$Smart Company,$51,780,],[$Phone Corporation,,$47,670]]$

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$8?$

$5$ of $5$

Next