Ballard Company uses the perpetual inventory system. The company purchased $8.500 of merchandise from Andes Company under the terms 3/10, net/30. Ballard paid for the merchandise within 10 days and also paid $300 freight to obtain the goods under terms FOB shipping point. All of the merchandise purchased was sold for $16,000 cash. What is the gross margin that resulted from these transactions? Multiple choice $7455 $7,200 $8.500 57.500