The following beginning and ending inventory balances apply to Holder Company: Beginning Ending Raw Materials Inventory Work in Process Inventory $29,000 $27,000 Finished Goods Inventory 37,000 25,000 38,000 22,000 During the accounting period, the company purchased $239,000 of direct raw materials. It incurred $185,000 of direct labor costs for the year and allocated $265,000 of manufacturing overhead costs to work in process. There was no overapplied or underapplied overhead. Revenue from goods sold during the year was $805,000. What was Holder's gross margin? Multiple Choice $693,000 $116,000 $112,000 $91,000