QUESTION 3 Use the following information to calculate Bead It, Inc.'s Cost of Goods Sold for the year. Note: All purchases of inventory are on account. January 1 Inventory $8,000 December 31 Inventory $15,000 Sales during the year $68,000 December 31 Accounts Payable $18,000 Purchases of Inventory on Account during the year $36,000 Cost of Goods Sold for the year = $