King Co. holds 75% of the common stock of Lee Co. During 2020, King reported sales of $ 600,000 and cost of goods sold of $450,000. For this same period, Lee had sales of $110,000 and cost of goods sold of $90,000. Also during 2020, King sold merchandise to Lee for $60,000. There were no sales from Lee to King. Lee still has 30% of this inventory at the end of 2020. King established the transfer price based on its normal markup. What are consolidated sales for 2020? $710,000. $692,000. OOOO $755,000. $650,000