Given the following information, calcualte the gross margin %: opening inventory gross purchases returns to vendors freight additional markup net transfers out total merch handled net sales markdowns markdown cancellations employee discounts total retail deductions closing book inventory gross cost of merch sold alterations costs cash discounts net cost of merch sold gross margin $ gross margin % Cost Retail $144,900.00 $315,000.00 $101,200.00 $220,000.00 $11,500.00 $25,000.00 $2,000.00 $3,000.00 $9,200.00 $20,000.00 CMU = cost % = $275,000.00 $35,000.00 $5,000.00 $3,000.00 $2,500.00 $6,000.00