28. Financial information is presented below: Operating expenses $ 28,000 Sales returns and allowances 7,000 Sales discounts 3,000 Sales revenue 150,000 Cost of goods sold 98,000 The gross profit rate would be A) .35. B) .30. C) D) 70. 28. enses 29. Financial information is presented below: Operating expenses $ 42,000 Sales returns and allowances 12,000 Sales discounts 3,000 Sales revenue 165,000 Cost of goods sold 96,000 The amount of net sales on the income statement would be A) $153,000. B) $150,000 C) $165,000. D) $162,000