What is the gross margin for the year 2012

Reference no: EM13133060

Schumacher Company uses the perpetual inventory system, and it engaged in the following transactions during 2012:

1) Started the business by issuing common stock for $7,500 cash
2) Paid cash to purchase $5,000 of inventory
3) Sold inventory that cost $3,000 for $7,250 cash
4) Incurred and paid operating expenses, $250

Schumacher Company engaged in the following transactions during 2013:

1) Paid cash to purchase $5,800 of inventory
2) Sold inventory that cost $7,000 for $15,150 cash
3) Incurred and paid operating expenses, $500

What is the gross margin for the year 2012?

Reference no: EM13133060

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