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A company’s pre-closing trial balance and other pertinent information at December 31 are as follows. The opening balance of inventory was $140, The long-term debt pays interest at a rate of 10% per annum, payable every 12 months. The debt was issued on July 1 of the current year and originally had 5 years to maturity. The fixed assets have a 10-year estimated useful life and were 1 year old at the start of the current year. Straight-line depreciation is used by the company.  On the year-end financial statements, the company will report cost of goods sold ofA. $440,000 B. $530,000 C. $620,000 D. $670,000 |