Bristol Retail Group begins the year with inventory of $47,000 and ends the year with inventory of $37,000. During the year, the company has four purchases for the following amounts. Purchase on February 17 $202,000 Purchase on May 6 122,000 Purchase on September 8 152,000 Purchase on December 4 402,000 Required: Calculate cost of goods sold for the year. Beginning inventory Cost of goods available for sale Cost of goods sold 47,000