During the current year merchandise is sold for $795,000. The cost of the merchandise sold is $474,000. 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 (show your work) 2) For the fiscal year, sales were $5,280,000, sales discounts were $100,000, sales returns and allowances were $75,000, and the cost of the merchandise sold was $3,000,000. a. what was the amount of net sales b. what was the amount of gross profit