The financial statements of a merchandising company will show:
A. the same accounts as the financial statements of a service company.
B. gross profit after operating income on the income statement.
C. inventory as a current asset on the balance sheet.
D. cost of goods sold as an operating expense on the income statement.
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The cost of inventory that is still on hand is called:
A. cost of goods sold, an expense that appears on the balance sheet.
B. inventory, a long-term asset that appears on the balance sheet.
C. inventory, a current asset that appears on the balance sheet.
D. purchases, an asset that appears on the balance sheet.
Sales revenue is based on the ________ of the inventory, while cost of goods sold is based on the ________ of the inventory.
A. cost, selling price
B. cost, cost
C. selling price, retail price
D. selling price, cost
The inventory system that uses computer software to keep a running record of inventory on hand is the:
A. cost of goods sold inventory system.
B. periodic inventory system.
C. perpetual inventory system.
D. hybrid inventory system.
Which of the following is NOT used to determine the cost of net purchases?
A. Freight-out
B. Freight-in
C. Purchase returns
D. Purchase discounts
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