Golden Oak Antique Shop had the following account balances at the end of the current accounting period: 
The normal gross profit for the company is $45%. What was the company's estimated cost of goods sold for the accounting period?
Definitions:
Market Wage Rate
The prevailing rate of pay for given work in a specific industry or region, determined by supply and demand for labor.
Profit-Maximizing Quantity
The level of output at which a company can make the highest possible profit, considering its cost structures and market price.
Technological Advance
The process of introducing new technology or improving existing technology which significantly increases efficiency, productivity, or outcomes in various fields.
Labor
The effort by humans to produce goods or provide services in the economy.
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