The company provides the information in the table below:

(a) All purchases of inventory were on account.

(b) Sales for the year were $995,000.

(c) Cost of goods sold for the year was $451,000.

Compute how much inventory was purchased during the year.

December 31 January 1 Accounts Payable $68,600 $72,300 Inventory 47,800 43,100 Accounts Receivable 95,000 99,700