Determining Gross Profit During the current year, merchandise is sold for $957,000. The cost of the goods sold is $660,330. 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? Yes No Determining Cost of Goods Sold For a recent year, TechMart reported sales of $51,432 million. Its gross profit was $13,887 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 $7,400, terms 2/10, n/30. The Stationery Company returned merchandise with an invoice amount of $1,000 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? Accounts Payable Cost of Merchandise Sold Inventory Sales Sales Tax A sale of merchandise on account for $11,900 is subject to a 5% sales tax. (a) Should the sales tax be recorded at the time of sale or when payment is received? (b) What is the amount credited to sales? $ (c) What is the amount debited to Accounts Receivable? $ (d) What is the account to which the $595.00 is credited? Accounts Payable Fees Earned Sales Tax Expense Sales Tax Payable