Over the past several years, Hyman Electronics has had an average gross profit of 30 percent. At the end of 2019, the income statement of the company included the following information.

Sales				$	1,634,000
Cost of Goods
Inventory, January 1, 2019	$	113,500
Purchases		1,135,000
Total Merchandise Available for Sale		1,248,500
Less Inventory, December 31, 2019		129,875
Cost of Goods Sold					1,118,625
Gross Profit on Sales				$	515,375

Investigation revealed that employees of the company had not taken an actual physical count of the inventory on December 31. Instead, they had merely estimated the inventory. I need help finding the estimated cost of goods sold.