Income Statement and Accounts for Merchandiser For the fiscal year, sales were $2,389,000 and the cost of goods sold was $1,386,000. a. What was the amount of gross profit? b. If total operating expenses were $360,000, could you determine net income? c. Customer Refunds Payable is a(n) account. What is its normal balance? d. Estimated Returns Inventory is a(n) account. What is its normal balance? Check My Work