During the current year, merchandise is sold for $3,750,000. The cost of the merchandise sold is $2,550,000. 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 necessarily report a net income? Explain. a. b. 1,200,000.00 100% no-There can be a net loss if the current sales do not exceed cost of goods sold and the expenses.