19. The following are excerpts from the G/L of NASDA, Inc.: Sales $2,000,000 Returns on Sales 60,000 Freight-in 35,000 Purchases Discount 25,000 Ending Inventory 140,000 If NASDA's cost of goods sold is 65% of Net Sales, what is its Gross Profit? Show Your Calculation: Gross Profit 20. One of the following is a regulatory body responsible for formulating audit standards and overseeing audits of public companies. Which one is it? a. PCAOB b. FASB C. IASB d. AICPA I None of the above. 21. Which of the following opinions will an auditor issue if the auditor is unable to determine if a company's financial statements were prepared in conformity with GAAP? a. Modified Opinion b. Qualified Opinion C. Adverse Opinion d. Disclaimer of Opinion None of the above. e