Beta Company uses a perpetual inventory system. On January 1, its inventory account had a beginning balance of $450,000. Beta engaged in the following transactions during the year:

1. Purchased merchandise inventory for $500,000.
2. Generated net sales of $1,100,000.
3. Recorded inventory shrinkage of $100,000 after taking a physical inventory at year-end.
4. Reported gross profit for the year of $1,700,000 in its income statement.

What is the amount of Cost of Goods Sold reported in the companys year-end income statement?