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What was milton cost of goods sold

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Reference no: EM131988907

Question - Applying the Cost of Goods Sold Model

Milton Company reported inventory of $110,000 at the beginning of 2013. 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 $44,000.

Required:

1. What was Milton's cost of goods sold for 2013?

2. What is Milton's gross margin for the year?

Reference no: EM131988907

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