Need answers for both this is a Multistep question.

All of the following represent the cost of goods sold equation, except. Multiple Choice BI + P - El = CGS BI - CGS = El + P BI + P - (CGS + EI) = 0 BI+P-CGS = EI Your company buys 500 pairs of socks at $3 each (including other purchasing costs such as transportation) and sells them for $5 each. Which of the following statements is true? Multiple Choice The sales revenue is $1,000. The net Income is $1,000. The cost of goods sold is $1,000. The gross profit is $1,000