Reference no: EM132464880
Sanchez Company engaged in the following transactions during Year 1:
1) Started the business by issuing $13,300 of common stock for cash.
2) The company paid cash to purchase $8,000 of inventory.
3) The company sold inventory that cost $5,400 for $11,150 cash.
4) Operating expenses incurred and paid during the year, $4,900.
Sanchez Company engaged in the following transactions during Year 2:
1) The company paid cash to purchase $11,600 of inventory.
2) The company sold inventory that cost $9,600 for $17,750 cash.
3) Operating expenses incurred and paid during the year, $5,900. Note: Sanchez uses the perpetual inventory system.
Question 1: What Sanchez's gross margin for the Year 2 is:
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