Russell Retail Group begins the year with inventory of $45,000 and ends the year with inventory of $35,000. 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 $ 200,000 120,000 150,000 400,000 Required: Calculate cost of goods sold for the year. $ 45,000 870,000 Beginning inventory Add: Purchases Cost of goods available for sale Less: Ending inventory Cost of goods sold 35,000