The Pol Company purchased all the shares of the Sol Company on January 1 of year 1 for $ 2,000,000. During that year Pol sold Sol for $ 60,000, inventory that had cost him $ 40,000. At the end of the period, Sol had already sold all the inventory to outsiders, but he still owed $ 50,000 to Pol. For that year, Pol has 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? $ 550,000

$ 700,000

$ 660,000

$ 640,000