For the financial year ending 30 June 2019 year, the following data were taken from the accounting records. $ Sales 900,000 Freight-out 3,600 Sales returns and allowances 30,000 Purchases 500,000 Selling expenses 4,975 Purchase returns and allowances 6,000 Depreciation expense 8,025 Inventory at 1/7/18 90,000 Discount allowed 2,800 Inventory at 30/6/19 130,000 Cost of goods sold is:

Select one:

a.

$534,000

b.

$457,600

c.

$416,000

d.

$454,000

e.

None of the above