NOWV2 Online teachin x C Solved: During The Current Year, X + take Assignment/takeAssignment Main.do?invoker=&takeAssignmentSession Locator a&inprogress=false Maps YouTube eBook Show Me How Calculator Determining Gross Profit During the current year, merchandise is sold for $777,000. The cost of the goods sold is $505,050. a. What is the amount of the gross profit? S 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