The following data were available from Mith Co.'s records on December 31, year 2: Finished goods inventory, 1/1/92 Finished goods inventory, 12/31/42 Cost of goods manufactured Loss on sale of plant equipment $120,000 110,000 520,000 50,000 The cost of goods sold for year 2 was O $510,000 0 $520,000 O $530,000 0 $580,000