ABC Co. acquired 100% of XYZ Inc. on January 1, 2022. During 2022, ABC sold goods to XYZ for $300,000 that cost ABC $220,000. XYZ still owned 30% of the goods at the end of the year. Cost of goods sold was $95,000 for ABC and $650,000 for XYZ for the year ended December 31, 2022.

What was the consolidated cost of goods sold for the year ended December 31, 2022?

$1,359,000

$1,009,000

$985,000

$1,585,000