A company reported cost of goods sold of $661,440 for the year. During the year, inventory increased from a $144,000 beginning balance to a $172,800 ending balance, and accounts payable increased from a $45,120 beginning balance to a $52,800 ending balance. How much cash was paid for merchandise purchased during the year?

Group of answer choices

$640,320

$690,240

None of these are correct

$661,440

$682,560