Sanchez Company engaged in the following transactions during Year 1: 1) Started the business by issuing $43,200 of common stock for cash. 2) The company paid cash to purchase $27,000 of inventory. 3) The company sold inventory that cost $16,600 for $32,100 cash. 4) Operating expenses incurred and paid during the year, $14,600. Sanchez Company engaged in the following transactions during Year 2: 1) The company paid cash to purchase $36,400 of inventory. 2) The company sold inventory that cost $33,400 for $58,500 cash. 3) Operating expenses incurred and paid during the year, $18,600. Note: Sanchez uses the perpetual inventory system. What is Sanchez's gross margin for Year 2