Penn Co. acquired 60% interest in Senn Co. four years ago. During 2021, Senn Co., sold inventory costing $160,000 to Penn Co. for $200,000. A total of 18% of this inventory was not sold to outside customers until 2022. During 2022, Senn Co. sold inventory costing $297,500 to Penn Co. for $350,000. A total of 30% of this inventory was not sold to outside customers until 2023. In 2022, Penn. Co. reported cost of goods sold of $607,500 while Senn Co. reported cost of goods sold of $450,000. What is the total cost of goods sold in the consolidated income statement? A) $698,950 B) $720,000 C) $1,066,000 D) $716,050