Intel makes microchips from raw materials acquired from suppliers. Intel is a: Multiple Choice service company. O manufacturer O retail company. O merchandising company. Sales discounts should appear in the financial statements as a(n): Multiple Choice operating expense. O O addition sales addition Inventory deduction from sales. Lansing Company has a gross profit percentage of 61%, while Arbor Company has a gross profit percentage of 37%. Which of the following statements is correct? Multiple Choice O Lansing Company and Arbor Company both earn enough on each sale to make a contribution to their operating costs. Arbor Company must have a greater sales volume than Lansing Company. Lansing Company will report a higher net income than Arbor Company. o o Lansing Company is more efficient at controlling selling, general, and administrative expenses than Arbor Company