During 2022, Rocket Company sold inventory for $500,000 to Orbit Company, its wholly owned subsidiary, on the same terms as it sells to third parties. The inventory cost $200,000. On December 31 , Orbit had sold 80% of the inventory to third parties for $800,000. In its 2022 consolidation incomo statement, what amount should Rocket report as cost of goods sold? The following information is provided regarding Rocket and Orbit's sales for 2022 before elimination entries