When Inventory Is Sold,the Cost of the Inventory Is Removed

question 61

Multiple Choice

When inventory is sold,the cost of the inventory is removed from inventory and reported on a multistep the income statement as:

• A)inventory expense.
• B)cost of goods sold.
• C)selling,general,and administrative expenses.
• D)operating expenses.

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Definitions:

Employee Development

The process by which an organization invests in improving the skills, knowledge, and abilities of its workforce.

Human Capital

Represents the skills, knowledge, and experience possessed by an individual or population, viewed in terms of their value or cost to an organization or country.

Consulting Firms

Organizations composed of experts or consultants who provide professional advice or services to other businesses or individuals in various fields.

Virtual Organizations

Businesses that operate primarily or entirely online, utilizing digital tools and networks to manage their work and communicate with stakeholders.