Determining Gross Profit During the current year, merchandise is sold for $974,000. The cost of the goods sold is $672,060. 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? No Determining Cost of Goods Sold For a recent year, TechMart reported sales of $29,889 million. Its gross profit was $8,070 million. What was the amount of TechMart's cost of goods sold? (Enter answer in millions.) million Purchase-Related Transactions The Stationery Company purchased merchandise on account from a supplier for $16,300, terms 2/10, n/30. The Stationery Company returned merchandise with an invoice amount of $2,100 and received full credit. a. If The Stationery Company pays the invoice within the discount period, what is the amount of cash required for the payment? b. Under a perpetual inventory system, what account is credited by The Stationery Company to record the return? Inventory Purchase-Related Transactions A retailer is considering the purchase of 1,000 units of a specific item from either of two suppliers. Their offers are as follows: Supplier One: $34.80 a unit, 1/10, n/30, no charge for freight. Supplier Two: $35.00 a unit, 2/10, n/30, plus freight of $200. Price of Supplier One: Price of Supplier Two: Which of the two offers, Supplier One or Supplier Two, yields the lower price? Supplier One