The income summary has a zero balance after which step in the closing process O a. Step 2 O b. Step 1 Oc. Step 4 O d. Step 3 Oe. The income summary is permanent and therefore not closed The merchandise turnover ratio O a. Is average merchandise inventory divided by cost of goods sold O b. Is ending inventory divided by cost of goods sold O c. Is cost of goods sold divided by average merchandise inventory O d. Is cost of goods sold divided by ending inventory Oe. Is cost of goods sold divided by ending inventory times 365 The income summary has a zero balance after which step in the closing process O a. Step 2 O b. Step 1 Oc. Step 4 O d. Step 3 Oe. The income summary is permanent and therefore not closed The merchandise turnover ratio O a. Is average merchandise inventory divided by cost of goods sold O b. Is ending inventory divided by cost of goods sold O c. Is cost of goods sold divided by average merchandise inventory O d. Is cost of goods sold divided by ending inventory Oe. Is cost of goods sold divided by ending inventory times 365