Gentry inc. acquired 100% of gaspard farms on january 5, 2017.  during 2017, gentry sold gaspard farms $625,000 of goods, which had cost $425,000. gaspard farms still owned 12% of the goods at the end of the year.  in 2018, gentry sold goods with a cost of $800,000 to gaspard farms for $1,000,000, and gaspard farms still owned 10% of the goods at year-end.  for 2018, the cost of goods sold totaled $5,400,000 for gentry, and $1,200,000 for gaspard farms.  what was consolidated cost of goods sold for 2018

$5,596,000

Explanation:

Consolidated cost of goods sold for 2018:

= Cost of Goods Sold (Gaspard Farm) + Cost of Goods Sold (Gentry Farm) - Inter Farm Sales from Gentry to Gaspard + Unrealized Profit on the Sales from Gentry to Gaspard - Unrealized Profit on the Sales from Gaspard to Gentry

= $1,200,000 + $5,400,000 - $1,000,000 + [($1,000,000 - $800,000) × 10%] - [($625,000 - $425,000) × 12%]

= $1,200,000 + $5,400,000 - $1,000,000 + $20,000 - $24,000  

= $5,596,000

you can put this in your 11 sentence summary

" most of the money would be invested in innovation, economic convergence."