The Golden Gate Company had the following Sales and Expenses during its first year of operations: Freight in $30,000 Purchases $75,000 Advertising $35,000 Salaries-Sales staff $90,000 Sales $280,000 Property Taxes - Store $10,500 Insurance - Store $8,000 $55,000 Merchandise Inventory, yearend Given the above information, determine Golden Gate's gross margin for the year. Note that since this was the company's first year of operations, beginning inventory was zero.
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