The Pan Company purchased all the shares of the Sal Company on January 1 of year 1 for $ 2,000,000. During that year Pol sold to Sol for $ 80,000, inventory that had cost him $ 40,000. At the end of the period, Sol had not yet sold the inventory to outsiders, but he still owed $ 50,000 to Pol. For that year, Pol had a balance of $ 550,000 in cost of goods sold and Sol of $ 150,000. What should the total cost of goods sold be presented in the consolidated income and expense statement? $ 700,000 $ 660,000 $ 640,000 $ 650,000