Net income plus operating expenses is equal to
| a. | Sales | |
| b. | gross profit | |
| c. | cost of merchandise available for sale | |
| d. | cost of merchandise sold |
Answer = b
A company, using the periodic inventory system, has merchandise inventory costing $210 on hand at the beginning of the period. During the period, merchandise costing $635 is purchased. At year-end, merchandise inventory costing $160 is on hand. The cost of merchandise sold for the year is
| a. | $685 | |
| b. | $265 | |
| c. | $635 | |
| d. | $795 |
Answer = a
The inventory system employing accounting records that continuously disclose the amount of inventory is called
| a. | perpetual | |
| b. | periodic | |
| c. | physical | |
| d. | Retail |
Answer = a
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