Which of the following statement(s) is (are)TRUE?Select all that apply.

Group of answer choices below:

The operating cycle of a merchandiser begins when the company purchases inventory from a vendor and ends when the company collects cash from customers

On the income statement, a merchandising company reports the cost of merchandise inventory that has been sold to customers.

A merchandiser adjusts and closes accounts differently than a service entity does.

The last step of the closing process of a merchandiser is to make the expense accounts equal zero via the Income Summary account.

Gross profit percentage reflects a business's ability to raise selling prices.