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ing Enabled: Exam #1(i) TB MC Qu.3-66(Static) Sanchez Company engaged in...

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Accounting

ing Enabled: Exam #1(i)
TB MC Qu.3-66(Static) Sanchez Company engaged in the following...
Sanchez Company engaged in the following transactions during Year 1:
Started the business by jssuing $42,000 of common stock for cash.
The company paid cash to purchase $26,400 of inventory.
The company sold inventory that cost $16,000 for $30,600 cash.
Operating expenses incurred and paid during the year, $14,000.
Sanchez Company engaged in the following transactions during Year 2:
The company paid cash to purchase $35,200 of inventory.
The company sold inventory that cost $32,800 for $57,000 cash.
Operating expenses incurred and paid during the year, $18,000.
Sanchez uses the perpetual inventory system. What is Sanchez's gross margin for the Year 2?
Multiple Choice
$24,200
$32,800
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