a. Periodic inventory systems require more detailed inventory records. b. Perpetual inventory systems require more detailed inventory records. C. A periodic system requires cost of goods sold be determined after each sale. d. A perpetual system determines cost of goods sold only at the end of the accounting period. 31. Cost of goods sold is determined only at the end of the accounting period in a. a perpetual inventory system. b. a periodic inventory system. c. both a perpetual and a periodic inventory system. d. neither a perpetual nor a periodic inventory system. 32. Sales revenue less cost of goods sold is called a gross profit. b. net profit. c. net income. d. marginal income. 33. Two categories of expenses for merchandising companies are a. cost of goods sold and financing expenses. b. operating expenses and financing expenses. (c) cost of goods sold and operating expenses. d. sales and cost of goods sold. 34. A merchandising company that sells directly to consumers is a (a retailer. b. wholesaler. c. broker. d. service company. 35. Net income is gross profit less a financing expenses. b. operating expenses. c. other expenses and losses. d. other expenses