Seinfeld, Inc. experienced the following events during the year 1 Purchased $120,000 of merchandise inventory on account, terms 2/10, 1/30 2. The goods that were purchased in event 1 were delivered FOB shipping point. Transportation costs of $3,000 were paid in cash by the responsible party 3 Returned $6,000 of the good purchased in event 1 back to the supplier 4 Paid for the goods in event 1 within the discount period. Paid the balance in cash to the supplier 5 Sold $118,000 of goods to customers. The goods sold cost $90,000 6 The merchandise sold in event 5 was delivered to customers FOB destination. Transportation costs of $2,800 were paid in cash by the responsible party 7 Pald costs of $18,000 for selling and administrative expenses 8 Sold land with a cost of $24,000 for $29,000 cash What is Seinfeld, Inc's gross margin, operating income, and net income? What is its gross margin %? (hint - you may wish to prepare a multi-step income statement") Essay Toolbar navigation A2 BTV & F# 3 118,000-90,000. Gross Margin of 28000 Net Income - 11,480 Operating income: 100,000 This question will be sent to your instructor for grading,