Sanchez Company engaged in the following transactions during Year 1 : 1) Started the business by issuing $11,900 of common stock for cash. 2) The company paid cash to purchase $7,300 of inventory. 3) The company sold inventory that cost $4,700 for $9,400 cash. 4) Operating expenses incurred and paid during the year, $4,200. Sanchez Company engaged in the following transactions during Year 2: 1) The company paid cash to purchase $10,200 of inventory. 2) The company sold inventory that cost $8,900 for $16,000 cash. 3) Operating expenses incurred and paid during the year, $5,200. Note: Sanchez uses the perpetual inventory system. What is Sanchez's gross margin for Year 2