l'ex Refere Compatibility Mode - Word Mailings MENING Review View Help Grammarly MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1) For a merchandiser, the term "inventory refers to B 1)B_ A) the cost of goods sold B) goods held for sale to customers C) raw materials that are used for puction D) equipment that are used in production process 2) Gross profit is calculated as the difference between net sales revenue and A) cost of goods sold C) cost of merchandise inventory A) purchase inventory from vendors C) collect cash from customers 3) 3) Value Electronics Company started its operations on January 1, 2019. Vahue engages in buying and selling different types of electronic gadgets. The first step in its operating cycle would be to 4) The largest expense of a merchandiser is usually A) purchasing expense C) selling and administrative expenses B) operating expenses D) purchase expense B) record the sales in accounts D) sell goods to customers 5) On the balance sheet of a retailer, the Merchandise Inventory account A) represents the value of inventory that has been sold during the period B) is listed after prepaid assets C) is not included because it is an income statement account D) is included in the current assets section Bi B) cost of goods sold D) merchandise inventory 6) Merchandise inventory accounting systems can be broadly categorized into two types. They are 6) A) manufacturer and producer B) FIFO and LIFO C) wholesale and retail D) perpetual and periodic C 7) in a perpetual inventory system, the physical count of inventory A) establishes the correct amount of ending inventory for the financial statements a B) serves as a check of the perpetual records C) captures transactions that are not recorded by the electronic system D) All the above statements are correct. S) A modem perpetual inventory system, 2) hp 5) Focus