Question: Select all that apply Select the statements below that correctly describe the flow of costs in a merchandiser's accounting cycle. Ending inventory + Cost of

Select all that apply
Select the statements below that correctly describe the flow of costs in a merchandiser's accounting cycle.
Ending inventory + Cost of goods sold = Total merchandise available for sale.
Beginning inventory + net purchases = Merchandise available for sale.
Merchandise that is sold becomes an expense reported on the income statement.
Merchandise purchased is an expense and is reported on the income statement.
Merchandise that is sold becomes an asset reported on the balance sheet.
Merchandise that is purchased becomes an asset reported on the balance sheet.
Multiple Choice Question
The Merchandise Inventory account on a classified balance sheet is reported in the:
current assets section
intangible assets section
investments section
plant assets section
Select all that apply Select the statements below

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