Which of the Following Statements Regarding Cost of Goods Available

question 154

Multiple Choice

Which of the following statements regarding cost of goods available for sale is true?

• 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 a "pool" of costs to be distributed between what was sold and what was not sold during a period.

Learn how to prepare journal entries related to payroll and payroll taxes.

Recognize the impact of payroll expenses on financial statements.

Understand the different tax rates and limits applicable to payroll taxes.

Comprehend the process for recording employee deductions and employer payroll taxes as liabilities.

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