Gross Profit During the current year, merchandise is sold for $119,700 cash and $619,900 on account. The cost of the goods sold is $547300. What is the amount of the gross profit? Determining Gross Profit During the current year, merchandise is sold for $630,000. The cost of the goods sold is $441,000. 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 report net income