P Corporation owns 80 percent of S Inc.’s common stock. During 2020, P sold Inventory to S for $250,000 on the same terms as sales  made to third parties. S sold all of the inventory purchased from P in 2020  The following information pertains to S and P sales for 2020                                        P                                                  s Sales                           $1,000,000                                     $ 700,000 Cost of Sales                 (400,000)                                      (350,000) Gross Profit                   $ 600,000                                     $ 350,000 What amount should P report as cost of sales in its 2021 consolidated income statement Select one: a. $680,000 b. $430,000 c. $750,000 d. $500,000

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