Applying the Cost of Goods Sold Model

Milton Company reported beginning inventory of $$74,000$ on January $1.$ During the year, it purchased inventory of $$625,000$ and sold inventory for $$950,000.$ A count of inventory at the end of the year determined that the cost of inventory on hand was $$48,100.$

Required:

What was Milton's cost of goods sold?

What is Milton's gross margin?