Ajman LLC. on December 31, 2020, its financial records were showing the following balances. December 31, 2020 December 31, 2019 Inventory 400,000 360,000 Accounts receivable (net) 73,000 126,000 Cash 60,000 20,000 Share capital--ordinary, 100 par 800,000 800,000 Retained earnings 134,000 122,000 Accounts payable 100,000 90,000 Notes payable 60,000 120,000 Additional information: The inventory turnover is 5.6 times. REQUIRED: Compute the Cost of goods sold for 2020. 1 i . BIR T O ES %