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Accounting 101. Paragraph answers. 1. What are the two types of merchandisers and how do they differ? 2. Discuss the operating cycles of merchandisers. 3.

Accounting 101. Paragraph answers.

1. What are the two types of merchandisers and how do they differ?

2. Discuss the operating cycles of merchandisers.

3. Where is the cost of goods sold (COGS) reported and what does it represent?

4. What is gross profit and what does it represent?

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