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)?