During the current year, merchandise is sold for $4,885,000. The cost of the merchandise sold is $3,028,700. a. What is the amount of the gross profit? b. Compute the gross profit percentage (gross...

During the current year, merchandise is sold for $4,885,000. The cost of the merchandise sold is $3,028,700.

a. What is the amount of the gross profit?

b. Compute the gross profit percentage (gross profit divided by sales).

c. Will the income statement necessarily report a net income? Explain

For a recent year, Best Buy reported sales of $50,705 million. Its gross profit was $12,573 million. What was the amount of Best Buy’s cost of merchandise sold?