The Golden Gate Company had the following Sales and Expenses during its first year ofoperations:Freight in$30,000Purchases$75,000Advertising$35,000Salaries-Sales staff$90,000Sales$280,000Property Taxes - Store$10,500Insurance - Store$8,000$55,000Merchandise Inventory, yearendGiven the above information, determine Golden Gate's gross margin for the year. Notethat since this was the company's first year of operations, beginning inventory was zero.

Sales 280,000.00 Purchases 75,000.00 Freight-in 30,000.00 Net purchases 105,000.00…

Answered: The Golden Gate Company had the…

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