During the current year, merchandise is sold for $849,000. The cost of merchandise sold sold is $509,400. a. What is the amount of the gross profit? b. Compute the gross profit percentage (gross profit divided by sales). Round to the nearest whole number. % c. When will the income statement necessarily report a net income? Warwick's C0, a women's dothing store, purchased $28,000 of merchandise from a supplier on account, terms FOB destination, 1/10,n/30. Warwick's retumed $4,800 of the merchandise, receiving a credit memo, and then paid the amount due within the discount period. a. Journalize Warwick's Co.'s entry to record the purchase. b. Journalize Warwick's co.'s entry to record the merchandise return. c. Joumalize Warwick's cois entry to record the payment