25. During 2012, Parker Enterprises generated revenues of $60,000. The company's expenses were as follows: cost of goods sold of $30,000, operating expenses of $12,000 and a loss on the sale of equipment of $2,000. Yoder's net income is A) $16,000. B) $18,000. C) $30,000. D) $60,000. 26. The factor which determines whether or not goods should be included in a physical count of inventory is A) physical possession. B) legal title. C) management's judgment. D) whether or not the purchase price has been paid. 27. Cost of goods sold is computed from the following equation: A) beginning inventory - cost of goods purchased + ending inventory. B) sales - cost of goods purchased + beginning inventory - ending inventory C) sales + gross profit - ending inventory + beginning inventory. D) beginning inventory + cost of goods purchased - ending inventory. 28. Indrisano's Used Cars uses the specific identification method of costing inventory. During March, Indrisano purchased three cars for $6,000, $7,200, and $9,600, respectively. During March, two cars are sold for a total of $17,300. Indrisano determines that at March 31, the $7,200 car is still on hand. What is Indrisano's gross profit for March? A) $500. B) $1.700. C) $2,100. D) $4,100