Question 5 View Policies Current Attempt in Progress Mr. Etemadi has prepared the following list of statements about service companies and merchandisers. Identify each statement as true or tale 1 Measuring income for a merchandiser is conceptually the same as for a service company 2. For a merchandiser sales less operating expenses is called gross profit 3. For a merchandiser, the primary source of revenues is the sale of inventory 4. Sales salaries and wages is example of an operating expense. 5. The operating cycle of a merchandiser is the same as that of a service company 6. In a perpetual inventory system, no detailed inventory records of goods on hand are maintained 7. In a periodic inventory system, the cost of goods sold is determined only at the end of the accounting period 8. A periodic inventory system provides better control over inventories than a perpetual system e Textbook and Media Save for Later Attempts of used Send to Gradebook MacBook Air