28. During August, 2020, Shelby's Supply Store generated revenues of $65,000. The company's expenses were as follows: cost of goods sold of $33,000 and operating expenses of $7,000. The company also had rent revenue of $2,000 and a loss on the sale of a delivery truck of $3,000. Shelby's operating income for the month of August, 2020 is a. $25,000. b. $27,000, c. $24,000. d. $32,000. 29. During August, 2020, Shelby's Supply Store generated revenues of $65,000. The company's expenses were as follows: cost of goods sold of $33,000 and operating expenses of $7,000. The company also had rent revenue of $2,000 and a loss on the sale of a delivery truck of $3,000. Shelby's net income for August, 2020 is a. $25,000. b. $27,000. c. $24,000. d. $32,000. 30. If a company has sales revenue of $634,000, net sales of $600,000, and cost of goods sold of $378,000, the gross profit rate is a. 37%. b. 40% c. 60% d. 66%. 31. Inventories affect a. only the balance sheet. b. only the income statement. c. both the balance sheet and the income statement. d. neither the balance sheet nor the income statement. 32. Inventory is a. reported under the classification of Property, Plant, and Equipment on the balance sheet. b. often reported as a miscellaneous expense on the income statement. c. reported as a current asset on the balance sheet. d. generally valued at the price for which the goods can be sold