Profit from operations will result if revenues exceed operating expenses. O revenues exceed cost of goods sold. O gross profit exceeds operating expenses. O the cost of goods sold exceeds operating expenses. Which of the following statements is correct? O Under a periodic system, the Merchandise Inventory account is only updated once per period. O Cost of goods sold computed under a periodic system would be higher than under a perpetual system. O The value of inventory computed under a periodic system would be lower than under a perpetual system. O Under a perpetual system, the Merchandise Inventory account is only updated once per period