Beginning of year End of year a. Determine the asset turnover for 2019 and 2018. b. Does the change in the asset turnover from 2018 to 2019 indicate a fav or an unfavorable trend? EX 6-1 Determining gross profit During the current year, merchandise is sold for $31,850,000. The cost of the merchan 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) OBJ. Will the income statement necessarily report a net income? Explain. C. EX 6-2 Determining cost of merchandise sold For a recent year, Best Buy reported sales of $40,339 million. Its gross profit was $9 million. What was the amount of Best Buy's cost of merchandise sold? OBJ. 1 ,047 EX 6-3 Chart of accounts