ABC Corporation manufactures and sells products in the market. On January 1, 2023, the company purchased raw materials worth $500,000, paid $25,000 in direct labor costs, and incurred $100,000 in overhead expenses. The company produced 50,000 units during the year and sold 45,000 units at $25 per unit. What is the cost of goods sold for the year and what is the gross profit?

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