Income statement and accounts for retail business For the fiscal year, sales were $7,665,000 and the cost of goods sold was $4,446,000. a. What was the amount of gross profit? s b. If total operating expenses were $1,156,000, 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