Milton Company reported beginning inventory of $85,000 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 $59,500. Required: 1. What was Milton's cost of goods sold? $fill in the blank 1 2. What is Milton's gross margin? $fill in the blank 2