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Applying the Cost of Goods Sold Model Milton Company reported beginning inventory of $75,000 on...

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Applying the Cost of Goods Sold Model Milton Company reported beginning inventory of $75,000 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 $37,500. Required: 1. What was Milton's cost of goods sold? 2. What is Milton's gross margin

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