• Explain why there isn't there a "Cost of merchandise sold" expense for a service business. describe the difference between "Gross Profit" and "Net Income". If a company used a computerized...

Extracted text: • Explain why there isn't there a "Cost of merchandise sold" expense for a service business. describe the difference between "Gross Profit" and "Net Income". If a company used a computerized accounting system (rather than a manual), are they more likely to use a perpetual OR periodic inventory system?