Russell Retail Group begins the year with inventory of $62,000 and ends the year with inventory of $52,000. During the year, the company has four purchases for the following amounts. Purchase on February 17 $217,000
Purchase on May 6 137,000
Purchase on September 8 167,000
Purchase on December 4 417,000

Required:
Calculate cost of goods sold for the year.

Cost of goods sold = 948000

Explanation:

Inventory at the beginning of the year = $62000

Inventory at the end of the year = $52000

Cost of goods sold = Beginning inventory + purchases during the year - ending inventory

Cost of goods sold = $62000 + 217000 + 137000 + 167000 + 417000 - $52000

Cost of goods sold = 948000

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