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For each of the following, identify in Column 1 the category to which the account belongs, in Column 2 the normal balance for the account, in Column 3 the financial statement on which the account balance is reported, and in Column 4 the account's nature (permanent/temporary).
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Cost of Goods Sold
The direct costs attributable to the production of the goods sold by a company, including material and labor costs.
Merchandise Inventories
Goods that are held by a business for the purpose of resale to customers in the ordinary course of business.
Sales Budget
An estimate of expected sales revenue for a period, forming the basis for planning production, inventory, and cash flow.
Cash Receipts
The total amount of money received by a company during a given period, including all sources of income and revenue.
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