Question

Which of the statements below are correct regarding cost of goods sold?

a. Cost of goods sold is an asset account reported on the balance sheet.
b. Cost of goods sold is the expense of buying and preparing merchandise.
c. Cost of goods sold can be determined by subtracting the cost of a merchandise sold from its sales price.
d. Cost of goods sold is the price received from selling a product

Answer 1

the answer is B

Step-by-step explanation:

because it shows the cost of goods solg

Answer 2

The correct statement is choice B. Cost of goods sold is the expense of buying and preparing merchandise.