Required information The following information applies to the questions displayed below.j of 2 Sanchez Company engaged in the following transactions during Year 1: 1) Started the business by issuing $13,700 of common stock for cash. 2) The company paid cash to purchase $8,200 of inventory. 3) The company sold inventory that cost $5,600 for $11,650 cash. 4) Operating expenses incurred and paid during the year, $5,100 -11:00 Sanchez Company engaged in the following transactions during Year 2: 1) The company paid cash to purchase $12,000 of inventory. 2) The company sold inventory that cost $9,800 for $18,250 cash. 3) Operating expenses incurred and paid during the year, $6,100. Note: Sanchez uses the perpetual inventory system. What is Sanchez's gross margin for Year 2