For external reporting purposes, Rogan Industries uses LIFO, but for internal purposes they use the FIFO method. The LIFO Reserve account balance at year end in 2016 was $160,000, and at year end in 2017 it was $240,000. The sales transactions for the year resulted in a $1,200,000, debit to the Cost of Goods Sold account. On the 2017 income statement, the amount that should be reported in Cost of Goods Sold is?