Applying the Cost of Goods Sold Model

Wilson Company sells a single product. At the beginning of the year, Wilson had 150 units in stock at a cost of $8 each. During the year, Wilson purchased 825 more units at a cost of $8 each and sold 240 units at $13 each, 210 units at $15 each, and 335 units at $14 each.

Required:

1. Using the cost of goods sold model, what is the amount of ending inventory and cost of goods sold?

Ending inventory	$
Cost of goods sold	$

2. What is Wilson's gross margin for the year?

Gross margin

$