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

Question

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

Answer 1

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

Margin= $7250-$3000= $4250

Answer 2

1950

Answer 3

4250

Answer 4

7250

Answer 5

mmk