The following information is available from Carron Company's 2019 accounting records:

Purchases ............................$530,000

Purchase discounts .................10,000

Freight-out ................................40,000

Beginning inventory ................160,000

Ending inventory ......................215,000

Freight- in ......................................7,000

Purchases returns and allowances...7,000

Requirement: Calculate the cost of goods sold for the year 2019.