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.

How does the income statement and balance sheet of a merchandising company differs from a service company? What are the two inventory control systems? How one inventory control system is different from the other?

in a merchandising business gross profit is equal to the sales revenue minus (a) the sum of cost of goods sold and sales commissions (b) cost of goods sold (c) the sum of cost of goods sold and operating expenses (d) the sum of cost of goods sold, operating expenses and prepaid expenses

Gross profit is: The amount left over after cost of goods sold is subtracted from net sales. A.Net sales less operating expenses. B.Sales less sales discount. C.less sales discounts. D.Net sales less selling expenses