Print Item Determining Gross Profit During the current year, merchandise is sold for $45,870,000. The cost of the merchandise sold is $33,026,400. a. What is the amount of the gross profit? b. Compute the gross profit percentage (gross profit divided by sales). % c. When will the income statement necessarily report a net income? Print Item Determining Gross Profit During the current year, merchandise is sold for $45,870,000. The cost of the merchandise sold is $33,026,400. a. What is the amount of the gross profit? b. Compute the gross profit percentage (gross profit divided by sales). % c. When will the income statement necessarily report a net income