Question Details

 The acquisition of merchandise inventory 


1. A ________________ buys and sells goods rather than performing services to earn a
profit.
2. Cost of goods sold is deducted from net sales revenue for the period in order to arrive at
________________.
3. Merchandise Inventory on hand can be obtained from detailed inventory records when a
________________ inventory system is maintained.
4. The acquisition of merchandise inventory is debited to the ____________ account when a
perpetual inventory system is used.
5. The freight cost incurred by a seller to deliver goods sold to a customer is called
________________.



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