YELLOW Corporation sold selected merchandise on a consignment basis during 2020. Yellow's accounting records show the following information:

What amount should YELLOW report as cost of goods sold in its 2020 income statement?

Inventory, January 1 Inventory on hand, December 31 Inventory out on consignment, December 31 Purchases Freight-in Freight-out to customers Freight-out to consignees 244,000 290,000 40,000 1,080,000 20,000 70,000 10,000