During the current year, merchandise is sold for $937,000. The cost of merchandise sold sold is $684,010.

a. What is the amount of the gross profit? $fill in the blank 1

b. Compute the gross profit percentage (gross profit divided by sales). Round to the nearest whole number. fill in the blank 2%

c. When will the income statement necessarily report a net income?

If gross profit is positive.If operating expenses are less than gross profit.If operating expenses are more than gross profit.If revenues exceed cost of sales.None of these choices.

Determining Gross Profit During the current year, merchandise is sold for $937,000. The cost of merchandise sold sold is $684,010. 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