The relationships among these three factors, which are shown in skeletal statements, are used to determine a profit or loss:

a) Net sales and expenses

b) Net sales, cost of merchandise sold, and gross margin

c) Direct and direct expenses, gross margin, and cost of merchandise sold

d) Net sales, expenses, and cost of merchandise sold

The relationships among these three factors, which are shown in skeletal statements, are used to determine a profit or loss: Net sales and expenses Net sales, cost of merchandise sold, and gross margin Direct and direct expenses, gross margin, and cost of merchandise sold Net sales, expenses, and cost of merchandise sold