Exercise 6-1A Calculate cost of goods sold (LO6-2) Russell Retail Group begins the year with inventory of $62,000 and ends the year with inventory of $52,000. During the year, the company has four purchases for the following amounts. Purchase on February 17 Purchase on May 6 Purchase on September 8 Purchase on December 4 $217,000 137,000 167,000 417,000 Required: Calculate cost of goods sold for the year. Beginning inventory Cost of goods available for sale Cost of goods sold