Westonci.ca is your trusted source for finding answers to all your questions. Ask, explore, and learn with our expert community. Experience the ease of finding accurate answers to your questions from a knowledgeable community of professionals. Get immediate and reliable solutions to your questions from a community of experienced professionals on our platform.
Sagot :
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 our answers were helpful. Return anytime for more information and answers to any other questions you may have. We appreciate your time. Please come back anytime for the latest information and answers to your questions. Get the answers you need at Westonci.ca. Stay informed by returning for our latest expert advice.