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Applying the Cost of Goods Sold Model Milton Company reported inventory of $91,000 at the...

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Accounting

Applying the Cost of Goods Sold Model

Milton Company reported inventory of $91,000 at the beginning of 2014. During the year, it purchased inventory of $625,000 and sold inventory for $950,000. A count of inventory at the end of the year determined that the cost of inventory on hand was $36,400.

Required:

1. What was Milton's cost of goods sold for 2014? $

2. What is Milton's gross margin for the year? $

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