Question: 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

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 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?

Can you provide step by step. Thank you

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