Question: Brief Exercise 6 - 3 3 ( Algorithmic ) Applying the Cost of Goods Sold Model Milton Company reported inventory of $ 1 5 6

Brief Exercise 6-33(Algorithmic)
Applying the Cost of Goods Sold Model
Milton Company reported inventory of $156,000 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 $70,200.
Required:
What was Milton's cost of goods sold for 2014?
What is Milton's gross margin for the year?
Brief Exercise 6-33(Algorithmic) Applying the Cost of Goods Sold Model Milton

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