Determining gross profit During the current year, merchandise is sold for $23,680,000. The cost of the goods sold is $13,024,000.

Determining gross profit During the current year, merchandise is sold for $23,680,000. The cost of the goods sold is $13,024,000. Determining gross proft During the current year, merchandise is sold for $23,680,000. The cost of the goods sold is $13,024,000. a. What is the amount of the gross pronit? b. Compute the gross pront percentage (gross profit divided by sales). x% c. Wil the income statement always report an operating income? Freeback roved ur wort a. The difference between the selling price of merchandise sold and the cost of the inventory sold is gross profit. b. Divide the gross profit by soles. c. Recall that net income is revenue (sales) less all expenses, induding the cost of merchandise sold. Only the Multiple-Step Income Statement will report operating income as a sub-total