1.

2.

3.

4.

2. Read-Only, Return to the assigninent to answer this question. CAS: OSLO-16. DESCDIAE MTRCHANDISTEG OPERATIONS ANO INVLNTOKY SY3TEMS Question 1 Mr. Mckeneie has prepared the following list of statements about service companios and merchandisers. Identify each statement as true or false. 1. Meawirine net income for a merchundiser is conceptually the same as for a service company: 2. For a merchandiser, sales less operating expenses is called sooss profit. 3. For a merchandiser, the primary source of revenues is the sale of imentory 4. Sales sailaries and wages is an example of an operatirg expense. 5. The aperating cycle of a merchandiser is the same as that of a service compary. 6. In a perpetual imentory system, no detailed inventory records of goods on hand are maintalined. 7. In a periodic inventory system, the cost of goods sold is determined only at the end of the accounting period. 8. Aperiodic inwentory system provides better control over inventories than a perpetual syitem. Riead-Only, Aeturn to the assignment to answer this question Question 2. The foldwing are the comparents in determining cost of goods sold. Determine the misuing amounts. Xe Read-Only. Heturn to the assignment to answer this question. Question 3 The following are the components in Biossoen Company's income statement. Determine the missing amounts. Read-Only. Return to the assignment to answer this question. CHS: OSLO-16 - DESCRIDt MTACHANDISING ODERATIONS AND INVENTOAY SYSTEMS. Question 4 Presented here are the componentsin Waterway Company's income statement, Determine the missing amounts