An inventory system in which the business has up-to-date data as to the quantity of goods on hand is called a periodic inventory system. Select one: True O False Which of the following accounts are used when recording a purchase for cash using a periodic inventory system? Select one: : O a. accounts payable, accounts receivable O b. cash, purchases O c. cash, merchandise inventory O d. accounts payable, sales Gross profit from sales is the difference between Select one: O a. net sales and operating expenses O b. gross sales less the sales discounts and sales returns and allowances O c. net sales and the cost of goods sold plus all the expenses O d. net sales and the cost of goods sold Transportation-out, Freight-In, and Delivery Expense are all the same account. Select one: True O False