Determining Gross Profk During the current year, merchandise is sold for $626,000. The cost of the goods sold is $356,820. a. What is the amount of the gross profit? b. Compute the gross profit percent. Round to the nearest whole number. c. Which of the following is true, based on the above information? The company may have a net income or net loss depending upon the amount of operating expenses. F Cheak Hy whe a. Cash sales plus sales on account less cost of goods sold is equal to gross profiti b. Oivide the gross profit by sales. As you answer this question, consider all the things that are deducted from revenue to obtain net income