ABC Ltd. uses the periodic inventory system and has the following information for 2016. Sales $2,000,000 Beginning Inventory 500,000 Purchases 120,000 Ending Inventory 200,000 The cost of goods sold for ABC Ltd. in 2016 is: Select one: O a. $2,420,000 b. $620,000 O c. $420,000 O d. $200,000