Analyze the truth of this statement. The income statements for merchandising and manufacturing businesses differ primarily in the reporting of the cost of merchandise (goods) available for sale and sold during the period. Group of answer choices This statement is true. This statement is false. There is not enough information to determine the truth of this statement. There is no difference in the income statements for merchandising and manufacturing businesses.

Income from operations for a merchandising company is sales less 1.operating expenses. 2.operating expenses and cost of goods sold. 3.cost of goods sold. 4.non-operating items and cost of goods sold.

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Which one of the following statements is true? a. Income manipulation is difficult under LIFO.b. Accounting principles do not require that the inventory cost flow approximate the physical flow of goods.c. Companies may use LIFO for tax purposes and FIFO in the financial statements.d. In periods of declining prices, LIFO will result in the payment of less income taxes.

SLO-5.1. for a merchandising business is determined by subtracting the Cost of Goods Sold from the Sale Income account. OOperating Income ONet Income OGross Profit OMerchandise Available for Sale