Merchandising Activity 2

Merchandise Inventory normally has a debit balance

• TRUE

• FALSE

In a perpetual inventory system, merchandise returned to vendors reduces the merchandise inventory account

• TRUE

• FALSE

FOB stands for Free-point on Board

• TRUE

• FALSE

Net Sales minus Cost of Goods Sold is equal to?

(a)  

The inventory system used in a retail store that keeps track of inventory in real-time is known as?

(a)