Schumacher Company uses the perpetual inventory system, and it engaged in the following transactions during 2014: 1) Started the business by issuing common stock for $8,070 cash 2) Paid cash to purchase $5,190 of inventory 3) Sold inventory that cost $3,285 for $7,820 cash 4) Incurred and paid operating expenses, $269 Schumacher Company engaged in the following transactions during 2015: 1) Paid cash to purchase $6,275 of inventory 2) Sold inventory that cost $7,570 for $16,290 cash 3) Incurred and paid operating expenses, $538 The gross margin for the year 2014 is: $8,720. $7,820 $9,477. $4,535