TB MC Qu. 3-66 (Algo) Sanchez Company engaged in the following... Sanchez Company engaged in the following transactions during Year t. - Started the business by issuing $11,500 of common stock for cash. - The company paid cash to purchase $7,100 of inventory. - The company sold inventory that cost $4,500 for $8,900 cash. - Operating expenses incurred and paid during the year, $4,000. Sanchez Company engaged in the following transctions during Year 2: - The company paid cash to purchase $9,800 of inventory. - The company sold inventory that cost $8,700 for $15,500 cash. - Operating expenses incurred and paid during the year, $5,000. Sanchez uses the perpetual inventry system. What is Sanchez's gross margin for the Year 2