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Brief Exercise 6-33 (Algorithmic)Applying the Cost of Goods Sold ModelMilton 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 $44,000.Required:1.What was Milton’s cost of goods sold for 2013?$ 6910002.What is Milton’s gross margin for the year?$