Which of the Following Terms Best Describes "Cost of Goods

question 203

Multiple Choice

Which of the following terms best describes "Cost of goods available for sale"?

• A) Cost of goods available for sale is an expense account.
• B) Cost of goods available for sale is added to beginning inventory to determine cost of purchases during the period.
• C) Cost of goods available for sale is subtracted from net sales to arrive at the gross margin
• D) Cost of goods available for sale is allocated into cost of goods on hand and cost of goods sold at the end of the fiscal year

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