The accounting records of the Liverpool Company revealed the following information:

Work-in-Process Inventory, Jan. 1 $58,000

Work-in-Process inventory, Dec. 31 49,000

Finished-Goods inventory, Jan. 1 125,000

Finished-Goods inventory, Dec. 31 138,000

Cost of goods manufactured 727,000

Liverpool's cost of goods sold is:

Group of answer choices

$778,000

$787,000

$721,000

$714,000