13. Given the following information, calcualte the gross margin %: Cost Retail opening inventory $144,900.00 $315,000.00 gross purchases $101,200.00 $220,000.00 returns to vendors $11,500.00 $25,000.00 net purchases freight $2,000.00 additional markup $3,000.00 net transfers out $9,200.00 $20,000.00 CMU = total merch handled cost % = net sales $275,000.00 markdowns $35,000.00 markdown cancellations $5,000.00 163 employee discounts $3,000.00 164 total retail deductions 165 closing book inventory 166 gross cost of merch sold 167 alterations costs $2,500.00 168 cash discounts $6,000.00 net cost of merch sold 170 gross margin $ 171 gross margin % 172 161 162 169