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

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All are applicable regarding the flow of costs in a merchandiser's accounting cycle.

What is the merchandising accounting cycle?

  • As you now know, the steps in the accounting cycle for a corporation-organized retail business are as follows: Gather and check the sources.
  • Analyze each transaction in business. Keep a record of each transaction.

What is the applicable merchandiser's accounting cycle?

  1. Selling goods results in an expense that is recorded on the income statement.
  2. Products available for sale are calculated as beginning inventory plus net purchases.
  3. Purchased goods are recorded as an asset on the balance sheet.
  4. Ending inventory plus cost of goods sold equals the total amount of merchandise for sale.

All are applicable regarding the flow of costs in a merchandiser's accounting cycle.

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