Portage Retail Group begins the year with inventory of $48,000 and ends the year with inventory of $38,000. During the company has four purchases for the following amounts. Purchase on February 17 $203,000 Purchase on May 6 123,000 Purchase on September 8 153,000 Purchase on December 4 403,000 Required: Calculate cost of goods sold for the year. Beginning inventory Cost of goods available for sale Cost of goods sold $ 48,000 year, the