In calculating the cost of merchandise sold does each of

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Reference no: EM13453179

1. What distinguishes a merchandising business from a service business?

2. Can a business earn a gross profit but incur a net loss? Explain.

3. In computing the cost of merchandise sold, does each of the following items increase or decrease that cost? (a) freight, (b) beginning merchandise inventory, (c) purchase discounts, (d) ending merchandise inventory

4. Describe how the periodic system differs from the perpetual system of accounting for merchandise inventory.

Reference no: EM13453179

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