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28. During August, 2020, Shelby's supply store genoratad revenueth of s05.000. The company/s expenses were as follows: cost of goods sold of 533.000 and operatirn company: expenses were as follews: cost of goods sold of 533,000 and on the saie of a dellvery truck of 53,000 . Shalby's operating income for the manth of Aupust, 2020 is a. $25,000 b. 327,000 c. $24,000 29. During August, 2020. Sheiby's Supply Store generated revenues of 565,000. The During August, 2020. Sheiby's Suppiy store generated ief 533,000 ard operativg expenses of $7,000. The company atso had rent revenue of of a delivery truck of $3,000. Shelby's net income for August, 2020 is a. $25,000. b. $27,000. c. $24,000. 30. If a company has sales revenue of $634,000, net sales of $600,000, and cost of goods d. $32,000. sold of $378,000, the gross profit rate is a. 37%. b. 40% c. 60%. d. 66%. 31. Inventories affect a. only the balance sheet. c. both the balance sheet and the income statement. b. only the income statement. d. neither the balance sheet nor the income statement. a. reported under the classification of Property, Plant, and Equipment on the ba 32. Inventory is b. often reported as a miscellaneous expense on the income statement. sheet. c. reported as a current asset on the balance sheet. d. generally valued at the price for which the goods can be sold