K. Block, Inc., reports the following information in its annual report: January 1, 2019 December 31, 2019 Inventory value at LIFO $912,000 $956,000 LIFO reserve 20,000 30,000 Inventory value at FIFO $932,000 $986,000 Sales for 2019 totaled $8,400,000. Cost of goods sold under LIFO totaled $3,700,000. Compute K. Blocks cost of goods sold and gross profit assuming it uses the FIFO method