Which of the Following Accounts Will Not Be Found in the Cost

question 99

Multiple Choice

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

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Definitions:

State-Of-The-Art Defense

A legal defense used in product liability cases where the defendant claims the product was using the best technology available at the time of design or manufacture.

Scientific Knowledge

Information and understanding acquired through the scientific method, including observation, experimentation, and analysis, contributing to the body of facts and principles.

Negligent Behavior

Actions or omissions by an individual which fall below the legally established standard of care expected to be observed and which cause harm or damage.

Theory Of Recovery

Legal principles that provide the basis on which a plaintiff can sue and obtain damages or other remedies in court.