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

The Golden Gate Company had the following Sales and Expenses during its first year of operations:Freight in $30,000Purchases $75,000Advertising $35,000Salaries – Sales staff $90,000Sales $280,000Property Taxes – Store $10,500Insurance – Store $8,000Merchandise Inventory, year end $55,000Given 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.Gross Margin = $

Question:The Golden Gate Company had the following Sales and Expenses during its first year of operations:Freight in $30,000Purchases $75,000Advertising $35,000Salaries – Sales staff $90,000...