Russell Retail Group begins the year with inventory of $61,000 and ends the year with inventory of $51,000. 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 $216,000 136,000 166,000 416,000 Required: Calculate cost of goods sold for the year. Beginning inventory Cost of goods available for sale Cost of goods sold