Use the information below to answer the question. 30 000 Inventory 1 July 2019 Inventory 30 June 2020 Accounts Receivable 1 July 2019 40 000 70 00 Accounts Receivable 30 June 2020 80 000 48 000 Accounts Payable 1 July 2019 Accounts Payable 30 June 2020 54 000 Cost of Goods Sold 600 000 Cash Sales 120 000 Credit Sales 180 000 What is the amount of inventory purchased during the year? $490 000 $500 000 O $600 000 $610 000