Determining gross margin for the year

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Reference no: EM13149032

The Rupina Company had the following Sales and Expenses during its first year of operations:

Purchases $50,000

Freight in $15,000

Sales $155,000

Advertising $25,000

Salaries - Sales staff $82,000

Property Taxes - Store $7,500

Insurance - Store $12,000

Merchandise Inventory, year end $22,000

Given the above information, determine Rupina's gross margin for the year. Note that since this was the company's first year of operations, beginning inventory was zero.

Reference no: EM13149032

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