(Answered) Question - the golden gate company had the following sales

Accounting

Question - The Golden Gate Company had the following Sales and Expenses during its first year of operations:

Freight in $30,000

Purchases $75,000

Advertising $35,000

Salaries - Sales staff $90,000

Sales $280,000

Property Taxes - Store $10,500

Insurance - Store $8,000

Merchandise Inventory, year end $55,000

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

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