The records of Serene Retail Store report the following data for the month of January 2020: Sales Sales allowance 12,000,000 100,000 Markdown 600,000 Markdown cancellation 100,000 Sales returns 500,000 Freight on purchases 100,000 Employee discounts 200,000 Purchases at cost 8,950,000 Normal losses at retail 800,000 Purchase returns at cost 450,000 Initial markup on 6,200,000 Purchase returns at retail 600,000 purchases Beginning inventory at Additional markup 500,000 600,000 cost Beginning inventory at Markup cancellations 100,000 800,000 retail Abnormal losses at costs 200,000 Abnormal losses at retail 250,000 What is the estimated cost of goods sold using the average retail inventory method