QUESTION 1 Robert has a novelty store and sells fun games, greeting cards, costume jewelry, and crazy socks. His sales for January is $68,000, cost of merchandise is 70% of sales, mortgage payment is $2,000, utilities are $1,500, insurance is $800, property tax is $200, cable and internet is $120, and wages for his employees are $3,200. February was a bad month weather-wise. There was a massive polar vortex and the temperature was extremely cold with brutal wind chills. Snowfall was over 23 inches for the month. Sales were down 40% and utilities were up 50%. What is Robert's gross profit for January? What is Robert's net income for January? What is Robert's gross profit for February? What is Robert's net income for February