For the current year, the following data were taken from the accounting records: Sales, $900,000; Sales Returns and Allowances, $30,000; Purchases, $500,000; Purchase Returns and Allowances, $8,000; Discount received, $4,000; Discount allowed, $3,000; Freight-in, $2,000; Freight-out, $3,000; Beginning Inventory, $90,000; Ending Inventory, $130,000.

What was the cost of goods purchased?

$620,000

$490,000

$500,000

$494,000