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This scenario applies to Questions 1, 2 and 3. A store had the following sales:...

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Accounting

This scenario applies to Questions 1, 2 and 3. A store had the following sales: - 2 sweaters at $39.00 each - 16 jeans at $59.00 each - 2 purses at $29.00 each - 2 suits at $169.00 each The cost of inventory sold was: - $19.00 each for sweaters - $27.00 each for jeans - $9.00 each for purses - $67.00 each for suits.

What were the total sales for the day in dollars?

What was the total cost of inventory sold for the day in dollars?

What is the gross margin for the day? Hint: gross margin = sales - cost of goods sold

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\table[[Account Title,Debit,Credit],[Cash,$18,000,],[Supplies,11,800,],[Prepaid insurance,2,000,],[Equipment,23,000,],[Accumulated depreciation-Equipment,,$6,500 \table[[Number,Account Title,Debit,Credit],[101,Cash,$18,000,],[126,Supplies,11,800,],[128,Prepaid insurance,2,000,],[167,Equipment,23,000,],[168,Accumulated depreciation-Equipment,,$ 6,500],[307,Common stock,,1,582],[318,Retained earnings,,41,600],[319,Dividends,6,000,],[403,Services revenue,,47,760],[612,Depreciation...

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