Russell Retail Group begins the year with inventory of $49,000 and ends the year with inventory of $39,000. 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 $204,000 124,000 154,000 404,000 Required: Calculate cost of goods sold for the year. Answer is not complete. $ Beginning inventory Add: Purchases Cost of goods available for sale Less: Ending inventory Cost of goods sold 49,000 886,000 896,000 39,000