applying the cost of goods sold model

Cornerstone Exercise 6-19 (Algorithmic) Applying the Cost of Goods Sold Model Hempstead Company has the following data for 2019: Item Units Cost Inventory, 12/31/2018 $10,890 990 Purchases 4,510 49,610 Inventory, 12/31/2019 720 6,750 Required: 1. How many units were sold? units 2. Using the cost of goods sold model, determine the cost of goods sold. Mhon Company reported inventory of $101.000 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 $75,750. Requireds 1. What was Mkon's cost of goods sold for 2014 2. What is Mikon's gross margin for the year