Accounting 10, 20, 30

(a)	Define merchandising inventory.
(b)	Classify and assign a number to the different types of accounts used in a merchandising business such as merchandise inventory, purchases, sales and cost of goods sold to the chart of accounts.
(c)	Examine the inquiry questions: Why is inventory reported on the balance sheet as the amount paid for the item, not the selling price? Why is the cost of goods sold reported on the income statement?
(d)	Discuss the relationship between beginning inventory (e.g., cost of goods on hand) and ending inventory.
(e)	Calculate the balance of merchandise inventory in a merchandising business.
(f)	Differentiate between perpetual inventory and periodic inventory, considering cost, ease of handling, computerization and labour hours.
(g)	Analyze the implications of inventory surplus or deficits in a business (e.g., cash flow, expenses, loss).
(h)	Calculate the cost of goods sold.