Question: Select all that apply Select the statements below that correctly describe the flow of costs in a merchandiser's accounting cycle. Multiple select question. Merchandise that

Select all that apply Select the statements below that correctly describe the flow of costs in a merchandiser's accounting cycle. Multiple select question. Merchandise that is sold becomes an asset reported on the balance sheet. Merchandise that is purchased becomes an asset reported on the balance sheet. Merchandise purchased is an expense and is reported on the income statement. Ending inventory + Cost of goods sold = Total merchandise available for sale. Merchandise that is sold becomes an expense reported on the income statement. Beginning inventory + net purchases = Merchandise available for sale

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