Russell Retail Group begins the year with Inventory of $47,000 and ends the year with inventory of $37000. 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 $ 202,000 122,000 152,000 402,000 Required: Calculate cost of goods sold for the year. Beginning inventory 47,000 Cost of goods available for sale Less: Ending inventory Cost of goods sold s 878,000