Cocort Dropping Unprofitable Department Thomas Corporation has four departments, all of which appear to be proftable except department 4. Operating data for 2019 are as follows: Total Departments 1-3 Department 4 Sales 5962,000 5810,000 $152,000 Cost of sales 640,500 526,500 114.000 Gross profit $321,500 5283.500 $38.000 Direct expenses $144,000 $120,000 $24.000 Common expenses 127,000 106,000 21.000 Total expenses $271,000 $226.000 $45,000 Net income (Loss) $50,500 $57,500 17.000 Required a. Calculate the gross profit percentage for departments 1-3 combined and for department 4 Department 1-3 94 Department 95 b. What effect would elimination of department 4 have had on total firm net income? (ignore the effect of income tax) The firm's net income would be: Check FO ON of 58 WIND English (United States