Cost of goods sold represents a cost, not an expense.
举一反三
- The operating expense section of an income statement for a wholesaler would not include A: freight-out. B: utilities expense. C: cost of goods sold. D: insurance expense.
- Expenses are outflows of economic resources including cost of goods sold, selling, general and administrative expenses, tax expense, interest expense, etc.
- Merchandise inventory:（ ）。 A: neither is the cost of inventory that has been sold or is an expense on the income statement B: both is the cost of inventory that has been sold and is an expense on the income statement C: is an expense on the income statement D: is the cost of inventory that has been sold
- Please send us by express mail the goods of inferior quality ____ our cost/expense.
- ___________ is the average number of times the inventory is sold per year. A: a. Inventory storage B: b. Cost of goods sold C: c. Cost of goods available for sale D: d. Inventory turnover