Russell Retail Group begins the year with inventory of $55,000 and ends the year with inventory of $45,000. During the year, the company has four purchases for the following amounts.Purchase on February 17        $210,000 Purchase on May 6                   130,000 Purchase on September 8        160,000 Purchase on December 4         410,000Required: Calculate cost of goods sold for the year.

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A: Formula: Cost of goods sold = Beginning Inventory + Purchases - Ending Inventory

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A:

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