To solve this expression, we must use the order of operations (parentheses, exponents, multiplication and division from left to right, addition and subtraction from left to right).

First, we simplify within the parentheses following the order of operations:
(120 + 320): 4×2
= 440 ÷ 4 × 2
= 110 × 2
= 220

Now, we can calculate the entire expression:
(120 + 320): 4 × 2
= 440 ÷ 4 × 2
= 220 × 2
= 440

Therefore, (120 + 320): 4 × 2 = 440