Question: Multiple - step income statements: Multiple Choice Never include a computation for gross profit. Have three main parts: gross profit, income from operations, and net

Multiple-step income statements:
Multiple Choice
Never include a computation for gross profit.
Have three main parts: gross profit, income from operations, and net income.
Are required for the periodic inventory system.
List cost of goods sold as an operating expense.
Are only used in perpetual inventory systems.

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