JAX Inc. has provided the following data for the year ended May 31, 2022. Sales $1,200,000 Purchase of raw materials 600,000 Cost of goods manufactured 700,000 Selling and admin expenses 250,000 Manufacturing overhead 400,000 Work-in-Process Beginning Ending Inventory Inventory 500,000 400,000 200,000 500,000 Finished Goods Based on the above information, what is the gross margin for the company for the year ended May 31, 2022? O $900,000 O $800,000 O Cannot be determined from the information given $550,000 O $500,000