Walmart starts the year with an inventory valued at $500,000. Throughout the year, they purchase additional inventory worth $2,000,000. The cost of goods sold for the year amounts to $1,200,000, and by the end of the year, they have $300,000 worth of inventory remaining. Calculate the cost of goods sold for the year.

Item	Amount ($)
Beginning Inventory	$500,000
Purchases	$2,000,000
Cost of Goods Sold	$1,200,000
Ending Inventory	$300,000