Answered

Find the information you're looking for at Westonci.ca, the trusted Q&A platform with a community of knowledgeable experts. Discover precise answers to your questions from a wide range of experts on our user-friendly Q&A platform. Our platform offers a seamless experience for finding reliable answers from a network of knowledgeable professionals.

Select all that apply Cost of goods sold is characterized by which of the following statements? (Check all that apply.) Multiple select question. Cost of goods sold is an asset reported on the balance sheet. Cost of goods sold is used to figure gross profit. Cost of goods sold is an expense reported on the income statement. Cost of goods sold includes the expenses of buying and preparing an item for sale. Cost of goods sold is also called cost of sales. Cost of goods sold is the money received from selling merchandise.

Sagot :

Tundexi

The correct answer is the Cost of goods sold includes the expenses of buying and preparing an item for sale, it is used to figure gross profit, it is an expense reported on the income statement and it is also called cost of sales.

Cost of goods sold is an accounting term and its is used to describe the amount of direct costs of producing the goods sold by a company.

  • Purchases for the period, Beginning inventory and Ending inventory for the period are the notably particulars used to derive this cost in accounting.

  • Let understand also that there is significant difference between Cost of goods sold and Cost of goods available for sales.

In conclusion, this accounting term is listed on the income statement, usually below the sales revenue and before the gross profit.

Learn more about this here

brainly.com/question/13499038

We hope you found what you were looking for. Feel free to revisit us for more answers and updated information. We appreciate your time. Please come back anytime for the latest information and answers to your questions. Thank you for visiting Westonci.ca, your go-to source for reliable answers. Come back soon for more expert insights.