Asked by Michael Sefick on Jun 16, 2024
Verified
Which of the following accounts will not be found in the Cost of Goods Sold section of the income statement for a company using the periodic inventory method?
A) Purchases
B) Freight In
C) Selling Expense
D) Inventory
Periodic Inventory Method
An accounting method where the inventory is physically counted and valued at the end of a specific period to determine cost of goods sold and ending inventory.
Cost of Goods Sold
The total cost directly associated with producing or purchasing the goods sold by a business during a specific period, including materials and labor.
Selling Expense
Expenses directly related to the selling of products or services, such as advertising, sales commissions, and retail store expenses.
- Determine the elements that are incorporated or omitted when calculating the value of the closing inventory.
Verified Answer
Learning Objectives
- Determine the elements that are incorporated or omitted when calculating the value of the closing inventory.
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