1. Regardless of the inventory costing system used, cost of goods available for sale must be allocated at the end of the period between ending inventory and cost of goods sold. beginning inventory and cost of goods sold. beginning inventory and net purchases during the period. net purchases during the period and ending inventory. ending inventory and beginning inventory.
2. The gross margin ratio: Should be greater than 1. Is also called the net profit ratio. Is a measure of liquidity. Is also called the profit margin. Measures a merchandising firm's ability to earn a profit from the sale of inventory.
3. Basic bank services include: Bank accounts. Bank deposits. Checking. Electronic funds transfer. All of these.