Determining Cost of Goods Sold For a recent year, Best Buy reported sales of $42,410 million. Its gross profit was $9,690 million. What was the amount of Best Buy's cost of goods sold? (Enter answer in millions.) million Determining Gross Profit During the current year, merchandise is sold for $932,000. The cost of the goods sold is $512,600. a. What is the amount of the gross profit? b. Compute the gross profit percentage (gross profit divided by sales). Round to the nearest whole number. X % c. When will the income statement report net income? Determining Amounts to be paid on Invoices Determine the amount to be paid in full settlement of each of the following invoices, assuming that credit for returns and allowances was received prior to payment and that all invoices were paid within the discount period. Merchandise Freight Paid by Seller Returns and Allowances 3. $900 $17,000 11,700 b $500 1,400 5,300 FOB destination, 11/30 FOB shipping point, 2/10, 130 FOB shipping point, 1/10, 1/30 FOB shipping point, 1/10, 1/30 FOB destination, 2/10, 1/30 500 d. 200 600 4,400 2,500 16,100 b. C. d