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What is the gross margin for Rupina's Company during the first year of business?
A Rupina's Company has the following Sales and Expenses during its first year of operation:
Purchases $50,000 Freight in $15,000 Sales $155,000 Advertising $25,000 Salaries - Sales Staff $82,000 Property Taxes - Store $7,500 Insurance - Store $12,000 Merchandise Inventory, year end $22,000 Given 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. |
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