Question: EX 6-1 Determining gross profit OBJ During the current year, merchandise is sold for $31,850,000. The cost of the merchandi sold is $24,206,000. a.

EX 6-1 Determining gross profit OBJ During the current year, merchandise is

EX 6-1 Determining gross profit OBJ During the current year, merchandise is sold for $31,850,000. The cost of the merchandi sold is $24,206,000. 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.

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