Merchandise inventory is included in a merchandising company's current assets. True False

When the merchandise inventory account provides a running balance of the goods on hand, which inventory system is being used? a.Perpetual inventory system b.Periodic inventory system c.Either the periodic or the perpetual inventory system, since both keep a running balance in the merchandise inventory account d.Neither the periodic nor the perpetual inventory system, since both systems do not keep a running balance in the merchandise inventory account

Multiple Select Question Select all that apply Which of the costs below would be included in the recorded cost of merchandise inventory? (Check all that apply.) Wages costs Invoice cost Storage costs Selling costs Insurance costs

Goods or products a company owns and expects to sell to its customers A) Sales Merchandise Inventory C. Cost of goods sold Purchases