Adj eBook Show Me How Print Item Income Statement and Accounts for Merchandiser For the fiscal year, sales were $7,543,000 and the cost of goods sold was $4,300,000 a. What was the amount of gross profit? b. If total operating expenses were $1,118,000, could you determine net income? C. Customer Refunds Payable is a(n) account What is its normal balance? d. Estimated Returns Inventory is a(n) account What is its normal balance