Bristol Retail Group begins the year with inventory of $60,000 and ends the year with inventory of $50,000. During the year, the company has four purchases for the following amounts. Purchase on February 17 $215,000 Purchase on May 6 135,000 Purchase on September 8 165,000 Purchase on December 4 415,000 Required: Calculate cost of goods sold for the year. Beginning inventory Add: Purchases Cost of goods available for sale Less: Ending inventory Cost of goods sold $ 60,000