Question Details

Sales minus operating expenses equals gross profit


1. Retailers and wholesalers are both considered merchandisers.
2. The steps in the accounting cycle are different for a merchandising company than for a
service company.
3. Sales minus operating expenses equals gross profit.
4. Under a perpetual inventory system, the cost of goods sold is determined each time a sale
occurs.
5. A periodic inventory system requires a detailed inventory record of inventory items.



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