Riverbed Inc. purchases its inventory on credit and uses a perpetual inventory system. The company began operations on January 1, 2021, and during 2021 purchased merchandise costing $330,000. Of this amount, 70% was paid in 2021 with the balance paid in 2022. The company sold 80% of its inventory for $760,000 on credit. Of this amount, 75% was collected in 2021 with the rest collected in 2022. Operating expenses of $130,000 were incurred in 2021 and all were paid by the end of the year. The income tax rate is 30% and all income taxes relating to 2021 were paid in 2022. What is the cost of goods sold?