ABM 003

is an enterprise that buys and sells goods to earn a profit.

it does not make its own product but it gets its items for resale from a _____

refers to goods that are held for sale to customers in the normal course of business.

the total cost of merchandise sold during the period

expenses incurred in the process of earning sales revenue that are deducted from gross profit in the income statement.

is equal to Sales Revenue less the Cost of Goods Sold

refers to all the expenses in merchandising company that represents what the seller paid for the inventory

The term for the revenue when a merchandise is sold to customer

A price reduction given to the customer in exchange for early payment.

Allowance given to customers for reasons like defective merchandise and wrong order.