Tisdale Company started the year with the following beginning account balances:

Raw Materials Inventory, $52,000; Work in Process Inventory, $100,000; and Finished Goods Inventory, $30,000.

During the year, the company purchased $70,000 of raw materials and ended the year with $26,000 of raw materials. Direct labor costs for the year were $130,000 and a total of $46,000 of manufacturing overhead costs was allocated to work in process. There was no over- or underapplied overhead. Ending work in process was $92,000 and ending finished goods was $45,000. Goods were sold to customers during the year for $360,000. How much gross margin would be reported for the year?

Multiple Choice

$80,000

$115,000

$95,000

$141,000