Brief Exercise $6-33($Algorithmic$)$

Applying the Cost of Goods Sold Model

Milton Company reported inventory of $$156,000$ at the beginning of $2014.$ During the year, it purchased inventory of $$625,000$ and sold inventory for $$950,000.$ A count of inventory at the end of the year determined that the cost of inventory on hand was $$70,200.$

Required:

What was Milton's cost of goods sold for $2014?$

What is Milton's gross margin for the year?