For the financial year ending 30 June 2019 year, the following data were taken from the accounting records.

$

Sales900,000

Freight-out3,600

Sales returns and allowances30,000

Purchases500,000

Selling expenses4,975

Purchase returns and allowances6,000

Depreciation expense8,025

Inventory at 1/7/1890,000

Discount allowed2,800

Inventory at 30/6/19130,000

Cost of goods sold for the current year is:

Select one:

a.$534,000

b.$457,000

c.$416,000

d.$454,000

e.None of the above