A company registered the GST at the beginning of the current year. In the current year, the total purchase of inventory is at $330,000 (GST exclusive). The total amounts of input taxed supplies are 50,000. Total sales of inventory to customers are at $770,000 (GST inclusive). Assuming GST has not been paid by the end of the current year. How much is the GST liability to ATO at the end of the current year?

Group of answer choices

$47,000

$37,000

$44,000

$40,000