1:29:32 Sanchez Company engaged in the following transactions during Year 1: 1) Started the business by issuing $43,000 of common stock for cash. 2) The company paid cash to purchase $26,900 of inventory. 3) The company sold inventory that cost $16,500 for $31,850 cash. 4) Operating expenses incurred and paid during the year, $14,500. Sanchez Company engaged in the following transactions during Year 2: 1) The company paid cash to purchase $36,200 of inventory. 2) The company sold inventory that cost $33,300 for $58,250 cash. 3) Operating expenses incurred and paid during the year, $18,500. Note: Sanchez uses the perpetual inventory system. What is Sanchez's gross margin for Year 2? Multiple Choice $24,950