E6-1 Quality Retail Group begins the year with inventory of $55,000 and ends the year with inventory of $45,000. During the year, the company has four purchases for the following amounts. PurchaseonFebruary17PurchaseonMay6PurchaseonSeptember8PurchaseonDecember4$210,000130,000160,000410,000 Required: Calculate cost of goods sold for the year