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Compute the gross profit percentage

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Problem -

1. Determining gross profit - During the current year, merchandise is sold for $8,100,000. The cost of the goods sold is $4,698,000.

a. What is the amount of the gross profit?

b. Compute the gross profit percentage (gross profit divided by sales).

2. Determining cost of goods sold - During the current year, merchandise is sold for $8,100,000. The cost of the goods sold is $4,698,000. Will the income statement always report a operating income? Explain.

Reference no: EM132751134

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