Determining gross profit During the current year, merchandise is sold for $8,800,000. The cost of the goods sold is $6,336,000. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below. Open spreadsheet a. What is the amount of the gross profit? Round your answer to the nearest dollar. $ b. Compute the gross profit percentage (gross profit divided by sales). Round your answer to the nearest whole number. % C. Will the income statement always report a operating income? Yes No A B E H D F 1 Determining gross profit Using formulas and cell references, perform the required analysis, and input your answers into the Amount column. Transfer ? the numeric results for the green entry cells (C9:C10) into the appropriate fields in CNOWV2 for grading. B 1 DATA 5 Sales $8,800,000 5 Cost of Goods Sold $6,336,000 7 B Amount Formulas a. Gross profit b. Gross profit percentage 0 1 2 3