Rachel Company uses the periodic system to track inventory. At the beginning of the year, the business held merchandise with a book value of $1,800. During the year, Rachel acquired additional items at a cost of $16,000. At the end of the period, the business had $1,100 of inventory on hand. What was Rachel Company's cost of goods sold for the year? QUESTION 21 Corey Technical Products, an online retailer, had the following purchase and sales activity for a particular inventory item during the month of August Units Cost Aug. 1-Inventory 1 $123 Aug 19-Purchase Aug. 21-Purchase 1 $138 1 $141 Seling Price Aug. 26-Sale $ 190 If Corey Technical Products uses the first-in-first-out inventory costing method, what amount of gross revenue from sales will the company report for these transactions? QUESTION 22 During the year. Hansoku Company reported the following information: Administrative Expenses Cost of Goods Sold $40,000 $260,000 Other Expense-Interest Expense $10,000 Sales Selling Expenses $420,000 $45,000 What amount of gross profit will Hansoku show on its multiple-step income statement