X More Info C. c An inventory system that requires businesses to obtain a physical count of inventory to determine a quantities on hand. b. Expenses, other than Cost of Goods Sold that are incurred in the entity's major ongoing operations, Excess of Net Sales Revenue over Cost of Goods Sold. d. The cost of merchandise inventory that the business has sold to customers The individual or business from whom a company purchases goods, f. An inventory system that keeps a running computerized record of merchandise inventory e. Print Done Definition Term 1 Cost of Goods Sold 2. Perpetual inventory system 3. Vendor 4 Periodic inventory system 5. Operating expenses 6 Gross profit