Retailers and wholesalers are both considered merchandisers. Select one: True O False The companies that purchase and sell tangile products without changing their basic forms are called Merchandising companies. Select one: True False Gross profit from sales is the difference between Select one: O a. net sales and the cost of goods sold plus all the expenses b. net sales and operating expenses c. net sales and the cost of goods sold O d. gross sales less the sales discounts and sales returns and allowances Under the periodic inventory system, the Purchases account is used to record Select one: O a. purchases of merchandise inventory for cash or on account b. only cash purchases of merchandise inventory O c. only purchases of merchandise inventory on account O d. purchases of any asset on account or note payable