Question 2 The following statement is FALSE: O Gross margin is a measure of profitability O Gross margin can be calculated for both service providing businesses and merchandisersh O Gross margin only relates to sales of inventory. O Gross margin measures amount left to pay operating expenses uestion Completion Status: Sales revenue $700,000 Interest revenue 22,000 Freight in 52,000 Beginning inventory 87,000 Purchase discounts 29.000 Sales returns and allowances 43,000 Operating expenses 87,000 Interest expense 10,000 Ending inventory 91.000 Purchases 515.000 Sales discounts 45,000 Norwood, Withdrawals 81.000 Purchase returns and allowances 49,000 a. Calculate net purchases for Norwood Merchandising - do not include freight in b. What is the total cost of goods available for sale for the Norwood Merchandising c. What is the cost of goods sold for Norwood Merchandising PDF PDF Assignment4-Infor.pdf POP Assignment-for....pdf Sales revenue $700,000 Interest revenue 22,000 Freight in 52.000 Beginning inventory 87,000 Purchase discounts 29,000 Sales returns and allowances 43,000 Operating expenses 87.000 Interest expense 10,000 Ending inventory 91.000 Purchases 515.000 Sales discounts 45.000 Norwood, Withdrawals 81.000 Purchase returns and allowances 49.000 Calculate net purchases for Norwood Merchandising - do not include freight in b. What is the total cost of goods available for sale for the Norwood Merchandising c. What is the cost of goods sold for Norwood Merchandising PDF Assignment4-infor....pdf Assignment Infor.pdf POT