The following balances were reported by Oland Co. at December 31, Year 2 and Year 1: 12/31/Year 2 12/31/Year 1 Inventory $260,000 $290,000 Accounts Payable 75,000 50,000 Oland paid suppliers $490,000 during the year ended December 31, Year 2. What amount should Oland report for cost of goods sold in Year 2? $495,000 $545,000 $485,000 $435,000