At the end of the annual accounting period, the inventory records of Boton Company show the following. The company uses FIFO for internal purposes and LIFO for income tax and external reporting purposes.

	2020	2021
Ending inventory at FIFO	$100,000	$180,000
Ending inventory at LIFO	40,000	70,000

If the company reported cost of goods sold of $480,000 in 2021 using LIFO, what would cost of goods sold be using FIFO?

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