A manufacturer uses job-order costing. On January 1, the company's Inventory balances were as follow Raw materials Work in process Finished goods $50,500 $25,000 $38.100 The company applies overhead cost to jobs on the basis of direct labor-hours. For the current year, the company's predetermined overhead rate was based on a cost formula that estimated $470,000 of total manufacturing overhead for an estimated activity level of 40,000 direct labor-hours. The following transactions were recorded for the year. a. Raw materials were purchased on account. $592.000. b. Raw materials used in production. $557.000. All of of the raw materials were used as direct materials. c. The following costs were accrued for employee services: direct labor, $442.000: Indirect labor, $150,000: selling and administrative salaries. $295,000. d. Incurred various selling and administrative expenses (e.g., advertising, sales travel costs, and finished goods warehousing), $381,000 e. Incurred various manufacturing overhead costs (e.g., depreciation, Insurance, and utilities). $320,000. f. Manufacturing overhead cost was applied to production. The company actually worked 41.000 direct labor-hours on all jobs during the year g. Jobs costing $1.399,450 to manufacture according to their job cost sheets were completed during the year h. Jobs were sold on account to customers during the year for a total of $2.927.500. The jobs cost $1.409,000 to manufacture according to their job cost sheets. The company closes any over- or under-applied manufacturing overhead to Cost of Goods Sold. What is the gross margin for the year? (All answers are whole numbers -- unless specified otherwise. You should NOT include the $ sign or a comma. E... you should type 1000 for one thousand. Negative numbers should be added with a minus sign, e.g. -1000 for a decrease or loss of one thousand.) Gross margin = $