Whitehall, Inc. reports the following information in its annual report: January 1, 2021 December 31, 2021 Inventory value at LIFO $1,500,000 $1,600,000 LIFO reserve 40,000 50,000 Inventory value at FIFO $1,540,000 $1,650,000 Sales for 2021 totaled $10,000,000. Cost of goods sold under LIFO totaled $6,700,000. Compute Whitehall's cost of goods sold assuming it uses the FIFO method