lota Company uses a perpetual inventory system. As a result. Group of answer choices a physical inventory is required to check for errors in the automated inventory system. a physical inventory is required because the ending inventory is not determined on an updated basis. a physical inventory is only required if there is a weak internal control system. a physical inventory is not required. Tolta Incorporated has the following account data. What is tolta's gross profit based on the financial information that is presented below? Operating expenses $ 45,000 Sales returns and allowances $3,000 Sales discounts $7,000 Sales revenue $160,000 Cost of goods sold $96,000 Group of answer choices $64,000 $54,000 $61,000 $67,000