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An entity had the following opening and closing inventory balances during the current year:
................................1/1............ 12/31
Finished goods..... .. $ 90,000..... $260,000
Raw materials..... ... 105,000...... 130,000
Work-in-progress..... 220,000...... 175,000
The following transactions and events occurred during the current year:
$300,000 of raw materials were purchased, of which $20,000 were returned because of defects.
$600,000 of direct labor costs were incurred.
$750,000 of production overhead costs were incurred.
The cost of goods sold for the current year ended December 31 would be