acc112 Ch05 DR template Review View Emphasis Heading 2 Heading 3 Heading 4 Chapter 5 Merchandise Operations Directed Reading Guide LO1. What are merchandising operations? a) List and describe the operating cycle of a merchandising business: b) In your own words, define Cost of Goods Sold? c) In your own words, define Gross Profit and how is it calculated? d) What is the difference between the period and perpetual inventory systems