XYZ Manufacturing reported the following: Revenue $485,000 Beginning inventory of direct materials, January 1, 2015 24,000 Purchases of direct materials 122,000 Ending inventory of direct materials, December 31, 2015 15,000 Direct manufacturing labor 21,000 Indirect manufacturing costs 34,000 Beginning inventory of finished goods, January 1, 2015 38,000 Cost of goods manufactured 186,000 Ending inventory of finished goods, December 31, 2015 33,000 Operating costs 126,000 What is XYZ's gross margin (or gross profit)?