Lemon company purchased 120 units for $40 each on January 31. It purchased 180 units for $35 each on February 28. It sold 180 units for $50 each from March 1 through December 31. If the company uses the first-in, first-out inventory costing method, what is the amount of Cost of Goods Sold on the income statement for the year ending December 31? (Assume that the company uses a perpetual inventory system.)