Question 16 1 pts If a company has beginning inventory of $15,000, purchases during the year of $75,000, and ending inventory of $20,000, cost of goods sold equals $ Question 17 Which statement is correct regarding the multiple-step income statement: O Sales revenue minus cost of goods sold is referred to as operating income. O It reports multiple levels of profitability, such as gross proft, operating income. income before income taxes, and net income O Gross proft equals cost of goods sold plus operating expenses. Net income is the difference between net sales and operating expenses. 1 pts