29 Required information (The following information applies to the questions displayed below.) Sanchez Company engaged in the following transactions during Year 1: Part 1 of 2 1) Started the business by issuing $13,300 of common stock for cash. 2) The company paid cash to purchase $8,000 of inventory. 3) The company sold inventory that cost $5,400 for $11,150 cash. 4) Operating expenses incurred and paid during the year, $4,900. 8 01:21:28 Sanchez Company engaged in the following transactions during Year 2: Print 1) The company paid cash to purchase $11,600 of inventory. 2) The company sold inventory that cost $9,600 for $17,750 cash. 3) Operating expenses incurred and paid during the year, $5,900. Note: Sanchez uses the perpetual inventory system. 29 What is Sanchez's gross margin for Year 2? Part 1 of 2 Multiple Choice 01:21:25 $2,250 Print $6,150 $8.150 $9,600 30 What is the amount of inventory that will be shown on the balance sheet at December 31, Year 2? Part 2 of 2 Multiple Choice 01:21:19 $10,000 Print $2,000 $4,600 $21,200 o