Russell Retail Group begins the year with inventory of $56,000 and ends the year with inventory of $46,000. During the year, the company has four purchases for the following amounts. Purchase on February 17 $211,000 Purchase on May 6 131,000 Purchase on September 8 161,000 Purchase on December 4 411,000 Required: Calculate cost of goods sold for the year. Beginning inventory Cost of goods available for sale Cost of goods sold