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Question 1.20 Gross profit: O Less income tax expense yields net income. O Equals net sales plus cost of goods sold O Equals net sales less operating expenses. O Must cover all operating expenses in order to generate a profit for the business Question 1.21 Merchandise inventory: O Must be sold within one month 0 Is a long-term asset. 0 Includes supplies. O Is a current asset Question 1.22 The current period's ending inventory is: 0 The current period's cost of goods sold. O The prior period's beginning inventory. 0 The next period's beginning inventory O The current period's beginning inventory