Determining Gross Profit During the current year, merchandise is sold for $821,000. The cost of merchandise sold sold is $599,330. a. What is the amount of the gross profit? $ b. Compute the gross...

Determining Gross Profit

During the current year, merchandise is sold for $821,000. The cost of merchandise sold sold is $599,330.

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 necessarily report a net income?