52. Under the perpetual inventory system: a. continuous record of the quantity and cost of inventory items are kept as they are bought and sold. b. all of these are correct. c. the cost of inventory items purchased for resale is recorded in the Merchandise Inventory account. d. up-to-date information about product availability is more accessible to managers. 53. An additional step that is included in preparing a multistep classified income statement for a merchandising company that is not included in preparing a multistep classified income statement for a service company is: a. Other revenues and expense b. Net income c. Grossmargin d. Income from operations 54. A seller may offer a sales discount to: a. do neither of these. b. do both of these. ereduce accounts receivable: d. increase liquidity