Question 17 (Mandatory) (1 point) Candy Company engaged in the following transactions during the current year: 1) Started the business by issuing $8,500 of common stock for cash. 2) The company paid cash to purchase $4,500 of inventory. 3) The company sold inventory that cost $2,500 for $6,500 cash. 4) Operating expenses incurred and paid during the year, $3,100. Candy's gross margin for the year is: a) $7,650. b) $4,000. c) $1,150. d) $3,650.