Use the following information to determine Net Income for the year ended December 31, 2020. All accounts have normal balances. Sales Revenue $2,000,000 Interest Revenue 50,000 COGS Sold 1,000,000 Selling and Administrative expenses 200,000 Realized gain on sale of investments 10,000 Loss on Discontinued Operations (net of taxes) 100,000 Tax Rate is equal to 20% O $640,000 O $688.000 $540.000 O $588,000 1.5 pts Question 61 Use the following information to determine Cost of Goods Sold for a company that uses the periodic inventory method? Sales $1,000,000 Purchases Return and Allowance 50,000 100,000 Ending Inventory 200,000 Beginning Inventory 50,000 Purchases Discount 10,000 Sales Return and Allowance 500.000 Purchases $590,000 $390.000 5550.000 $400.000