Ballard Company uses the perpetual Inventory system. The company purchased $8,400 of merchandise from Andes Company under the terms 2/10,net/30. Ballard paid for the merchandise within 10 days and also paid $290 freight to obtain the goods under terms FOB shipping point. All of the merchandise purchased was sold for $15,800 cash. What is the gross margin that resulted from these transactions? Multiple Choice $7.278 $7.110 $7,400 Multiple Choice $7,278. $7,110 $7,400. $8,400