Russell Retail Group begins the year with inventory of $45,000 and ends the year with inventory of $35,000. During the year, the company has four purchases for the following amounts.
Purchase on February 17..........................$200,000
Purchase on May 6..................................120,000
Purchase on September 8...........................150,000
Purchase on December 4............................400,000
Required:
Calculate cost of goods sold for the year.