Question 44(1 point) Which of the following formulas" is incorrect? Gross profit - operating expenses - income before income tax. Net sales - cost of goods sold = gross profit. Net sales - gross profit = cost of goods sold. 12 Operating expenses - cost of goods sold - gross profit. 15 Question 45 (1 point) Which of the following statements regarding inventories is correct? 18 It is generally good business management to sell the most recently acquired goods first. 21 Under FIFO, the ending inventory is based on the latest units purchased. FIFO seldom coincides with the actual physical flow of inventory. O FIFO assumes that the costs of the carliest goods acquired are the last to be sold. 30 Question 46 (1 point) A decline in a company's gross profit could be caused by all of the following except increased competition resulting in lower selling prices. paying lower prices to its supoliars. clearance of discontinued inventory selling products with a lower markup