140. Describe the recording process (including costs) for sales of merchandise inventory using a perpetual inventory system. 141. What is inventory shrinkage? How do managers account for...

140. Describe the recording process (including costs) for sales of merchandise inventory using a perpetual inventory system.

141. What is inventory shrinkage? How do managers account for shrinkage?

142. How do closing entries for a merchandising company that uses the perpetual inventory system differ from the closing entries for a service company?

143. Explain the difference between the single-step and multiple-step income statements.