2. parker corporation owns 80 percent of smith inc.’s common stock. during 20x1, parker sold inventory to smith for $250,000 on the same terms as sales made to third parties. smith sold all of the inventory purchased from parker in 20x1. the following information pertains to smith’s and parker’s sales for 20x1: parker smithsales $1,000,000 $700,000cost of sales 400,000 350,000gross profit 600,000 350,000what amont shouls parker report as cost of sales in its 20x1 consolidated income statement?