1. An alternative description of cost of goods sold is A. Another term for merchandise sales. B. A term only used by service firms C. Another term for revenue. D. Also called gross margin E. The term used for the expense of buying and preparing merchandise for sale. Co rded sales old of $625,000 Its gross profit equals: A. $625,600. B. $625,000. C. $(625,o00). D. ($625,600). E. $1,875,600. 3. When you add beginning inventory to net purchases you have caleulated: A. Cost of goods sold. B. The inventory amount shown on the balance sheet. C. Ending inventory. D. Sales. E. Merchandise available for sale