Exercise 6-42 (Algorithmic) Applying the Cost of Goods Sold Model Wilson Company sells a single product. At the beginning of the year, Wilson had 120 units in stock at a cost of $5 each. During the year, Wilson purchased 850 more units at a cost of $5 each and sold 210 units at $13 each, 250 units at $15 each, and 360 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? Cost of goods sold Ending inventory 2. What is Wilson's gross margin for the year