On December 31, 2020, the entity's warehouse was gutted by fire destroying almost all of the inventory. The following data are available for the current year: January 1 December 31 Inventory 400,000 384,000 Accounts receivable 352,000 320,000 Accounts payable 400,000 Collection of accounts receivable 2,112,000 Payment to suppliers 1,280,000 Goods out on consignment at sales price 160,000 Undamaged inventory 16,000 The average gross profit rate is 40% of sales. Required: Compute the amount of sales for the current year