On 1VVX1, Red incorporated purchased 80% of White Company's outstanding common stock for $800,000. At the time, White reported $500,000 of capital stock and $500,000 of retain earnings. On 12/31/X1, Red reported $425,000 of cost of goods sold while White Company reported $260,000 of cost of sales. During the current year, Red incorporated sold inventory costing $125,000 to White Company for $187,500.60% of these goods are not resold by White Company until the following year. White reported a profit of $100,000 in year X1. What is consolidated cost of goods sold in year X1 ? Multiple Choice $560,000 $610,000 $625,000 $685,000