ABC Inc. uses the FIFO method for internal purposes and LIFO for external purposes. The balance of the LIFO Reserve account (LIFO Reserve) at the end of 2020 was $ 140,000. The balance of the same account at the end of the year 2021 is $ 210,000. ABC has a balance in the cost of goods sold account of $ 1,050,000 as a result of the sales recorded under FIFO during the year, what will be the balance of the Cost of Goods Sold account that will be reported in the financial statements for the external group for the year 2021 after the LIFO Reserve adjustment?

Select one:

to. $ 1,050,000.

b. $ 1,260,000.

c. $ 980,000.

d. $ 1,120,000.