At the beginning of the year, ABC had an inventory of $$350,000.$ During the year, the company purchased goods costing $$1,070,000.$ If ABC reported ending inventory of $$340,000$ and sales of $$1,420,000,$ their cost of goods sold and gross profit rate $($calculated from gross profit $/$ sales$)$ would be:

At the beginning of the year, ABC had an inventory of $$350,000.$ During the year, the company purchased goods costing $$1,070,000.$ If ABC reported ending inventory of $$340,000$ and sales of $$1,420,000,$ their cost of goods sold and gross profit rate $($calculated from gross profit $/$ sales$)$ would be:

$$730,000$ and $76\mathrm{.}06\%$

$$1,080,000$ and $23\mathrm{.}94\%$

$$1,080,000$ and $76\%$

$$690,000$ and $24\%$