Cost of goods sold:

Multiple Choice

Is a term only used by service firms.

Is another term for merchandise sales.

Is also called gross margin.

Is the term used for the expense of buying and preparing merchandise for sale.

Is another term for revenue.

The current period's ending inventory is:

Multiple Choice

The current period's beginning inventory.

The prior period's beginning inventory.

The current period's cost of goods sold.

The current period's net purchases.

The next period's beginning inventory.