Herbert Corp uses its periodic inventory system and the following information is available: Sales _______ $31,000 Inventory-Beginning _______ 8,000 Inventory-Ending _______ 7,000 Purchases _______ 23,000 Calculate the cost of goods sold: $ 7,000. $24,000. $23,000. $31,000. Calculate the gross profit. $ 7,000 $24,000 $23,000 $31,000 Mineola Meatballs reports net sales of $1, 500,000, gross profit of $650,000, and net income of $90,000. The company's cost of goods sold is: $760,000. $850,000. $940,000. Some other amount. During the year 2005, the inventory of Mollie's Gift Shop decreased by $40,000. If the income statement for the year 2005 reported cost of goods sold of $300,000, purchases during the year must have amounted to: $350,000. $270,000. $260,000. Some otheramount. Orinda Golf Supplies reports net sales of $3,000,000, net income of $300,000, and gross profit of $800,000. The company's cost of goods sold is: $1, 700,000. $1, 900,000