Powell Incorporated began operations in the current period. The following facts are known: 10 units of product were produced in the current period at a product cost of $100 each (for a total of $1,000 of product costs) $200 in total period costs were incurred in the current period 7 of the 10 units produced were sold for $200 each in the current period (for a total revenue of $1,400) 3 of the 10 units produced remain unsold at the end of the current period Calculate cost of goods sold. Select one: $1,600 $700 $1,400 O $1,000 $900 Calculate gross profit. Select one: O $400 O $600 $500 O $1,400 O $700 Calculate net income. Select one: $1,400 O $200 $500 $700 Calculate the amount to report for finished goods inventory on the current balance sheet. Select one: O $700 O $600 $300 $200 $400