The company uses the average cost approach under the retail inventory method to account for inventory. The following accounting data relates to operations for the current year:

Cost Retail

Beginning inventory 3,020,000 4,600,000

Purchases 5,980,000 9,200,000

Net markups 600,000

Net markdowns 900,000

Sales 11,700,000

Required: What amount should be reported as cost of goods sold for the current year?