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Time acquired an 90% stake in Waits For No Man on the 1 February 2001. On acquisition, fair value adjustments increased the value of Waits For No Man's inventory by $19,000. None of this had been sold by 31 December 2001 when group accounts were being prepared. In addition, in March 2001, Waits For No Man sold Time $40,000 of goods. All of these goods had been sold by 31 December 2001. Time had cost of sales for the year ending 31 December 2001 of $300,000 and Waits For No Man $240,000. What is group cost of sales for the year ending 31 December 2001? Group cost of sales for the year ending 31 December 2001 is: $________. |