Company XYZ is a manufacturing company that produces and sells electronic devices. The company has a complex production process involving multiple components and subassemblies. During the fiscal year ending December 31, 2022, the company experienced various inventory-related transactions and production activities. You are tasked with calculating the COGS for the year in accordance with Generally Accepted Accounting Principles (GAAP).

The following information is available:

Beginning Inventory:

• At the beginning of the fiscal year on January 1, 2022, Company XYZ had $800,000 worth of raw materials in its inventory.
• The beginning inventory also included $1,200,000 worth of work-in-progress (WIP) related to partially completed devices.

Purchases and Manufacturing Activities:

• During the year, the company purchased $2,500,000 worth of additional raw materials.
• The company incurred $1,800,000 in direct labor costs for the production of electronic devices.
• Over the year, $3,000,000 worth of overhead costs were allocated to manufacturing.
• The ending inventory included $1,500,000 worth of WIP related to devices in various stages of completion.

Sales and Production Information:

• The company sold $4,500,000 worth of electronic devices during the year.
• The ending inventory also includes $600,000 worth of finished goods.

Calculate the COGS for the fiscal year ending December 31, 2022.