Applying the Cost of Goods Sold Model Milton Company reported inventory of $60,000 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 $33,000. Required: 1. What was Milton's cost of goods sold for 2014? 2. What is Milton's gross margin for the year