How do you get the cost of goods sold?

Classic Carpets began the year with inventory of $1,420,000. Inventory purchases for the year totalled $3,550,000. Sales revenue for the year was $8,600,000 and the gross margin was 55 percent. How much is Classic Carpets's estimated cost of ending inventory? Use the gross margin method. To estimate the ending inventory using the gross margin method, determine the formula to use to solve for the estimated cost of ending inventory. Then enter in the amounts to calculate ending inventory. (Use parentheses or a minus sign when subtracting numbers.) Beginning inventory $ 1,420,000 3,550,000 Purchases Cost of goods available Cost of goods sold 4,970,000 (3,870,000) 1,100,000 Ending inventory