7. Parkette, Inc., acquired a 60 percent interest in Skybox Company several years ago. During 2023, Skybox sold inventory costing $160,000 to Parkette for $200,000. A total of 18 percent of this inventory was not sold to outsiders until 2024. During 2024, Skybox sold inventory costing $297,500 to Parkette for $350,000. A total of 30 percent of this inventory was not sold to outsiders until 2025. In 2024, Parkette reported cost of goods sold of $607,500 while Skybox reported $450,000. What is the consolidated cost of goods sold in 2024 ? a. $698,950 b. $720,000 c. $1,066,050 d. $716,050