Question

Schumacher Company uses the perpetual inventory system, and it engaged in the following transactions during 2012:

1) Started the business by issuing common stock for $7,500 cash
2) Paid cash to purchase $5,000 of inventory
3) Sold inventory that cost $3,000 for $7,250 cash
4) Incurred and paid operating expenses, $250

The gross margin for the year 2012= Sales - cost of sales

Margin= $7250-$3000= $4250
1950
4250
7250
mmk

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