Determining gross profit Obj. 1 During the current year, merchandise is sold for $8,100,000. The cost of

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Determining gross profit Obj. 1 During the current year, merchandise is sold for $8,100,000. The cost of the goods sold is $4,698,000.

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 always report a operating income? Explain.

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