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Which statement below correctly explains what merchandise inventory is? Multiple choice question. ...

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Accounting

Which statement below correctly explains what merchandise inventory is?
Multiple choice question.
Merchandise inventory is increased when products are sold to customers.
Merchandise inventory is an asset reported on the balance sheet and represents the cost of products purchased for sale.
Merchandise inventory is an expense account reported on the income statement and contains the cost of products purchased for sale.
Merchandise inventory is subtracted from net sales on the income statement to determine gross profit for the period.

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