Determining Gross Profit During the current year, merchandise is sold for $837,000. The cost of the goods sold is $552,420 a. What is the amount of the gross profit? b. Compute the gross profit percent. Round to the nearest whole number. % c. Which of the following is true, based on the above information? Determining Gross Profit During the current year, merchandise is sold for $837,000. The cost of the goods sold is $552,420. a. What is the amount of the gross profit? b. Compute the gross profit percent. Round to the nearest whole number. % c. Which of the following is true, based on the above information? The net income is $495,000. The company may have a net income or net loss depending upon the amount of operating expenses. If operating expenses are greater than gross profit, there will be a net income. None of these answers is correct.