accounting

Applying the Cost of Goods Sold Model

Milton Company reported inventory of $79,000 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 $31,600.

Required:

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

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