Determining Gross Profit During the current year, merchandise is sold for $11,750,000. The cost of the goods sold is $7,050,000. a. What is the amount of the gross profit? $ b. Compute the gross...

Determining Gross Profit

During the current year, merchandise is sold for $11,750,000. The cost of the goods sold is $7,050,000.

a.What is the amount of the gross profit?
$

b.Compute the gross profit percentage (gross profit divided by sales). Round to the nearest whole number.
   %

c.When will the income statement report net income?