Condy Co. paid suppliers of merchandise inventory $700,000 during 2020. During 2020, inventory increased from a $92,000 beginning balance to a $105,000 ending balance, and accounts payable decreased from a $48,000 beginning balance to a $38,000 ending balance.

How much was cost of goods sold in 2020?

Select one:

a. $677,000

b. $702,000

c. $692,000

d. $687,000

e. $682,000