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QUESTION
The Rupina Company had the following Sales and Expenses during its first year of operations:
The Rupina Company had the following Sales and Expenses during its first year of operations:Purchases 50,000Freight In 15,000Sales 155,000Advertising 25,000Salaries – Sales Staff 82,000Property Taxes – Store 7,500Insurance – Store 12,000Merchandise Inventory, year end 22,000Given the above information, determine Rupina’s gross margin for the year. Note that since this was the company’s first year of operation, beginning inventory was zero.
