S 0.75 p Use the following information to calculate Bead It, Inc.'s Cost of Goods Sold for the year. Note: All purchases of inventory are on account, January 1 Inventory $8,000 December 31 Inventory $23,000 Sales during the year $71,000 December 31 Accounts Payable $17,000 Purchases of Inventory on Account during the year $40,000 Cost of Goods Sold for the year = $