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Which of these animals has a closed circulatory system?
Cost of Goods Sold
Represents the total cost of all goods that were sold over a specific period, including the costs associated with production or purchase.
Gross Profit
The difference between revenue and the cost of goods sold (COGS), indicating the efficiency of a company in using its labor and supplies.
Net Sales
Revenue from sales transactions after deducting returns, allowances for damaged or missing goods, and any discounts offered.
Income Summary
An account used in the closing process that summarizes the revenues and expenses for a specific accounting period.
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