Two accounts that appear on the financial statements of a merchandising company but are NOT needed by a service company are: cost of goods sold and inventory. cost of goods sold and net income. inventory and depreciation. O cost of goods sold and depreciation. Question 7 (Mandatory) (1 point) Sales revenue is based on the of the inventory, while cost of goods sold is based on the of the inventory. sale price; cost cost; sale price cost; fair market value sale price; retail price