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:

Restatement of Contracts

A legal treatise that organizes, explains, and clarifies the principles of contract law in the United States.

Intoxicated Person

An individual whose mental and physical capabilities are significantly impaired due to substances like alcohol or drugs.

Ratification

The act of officially confirming or endorsing a previously unauthorized agreement or action.

Express

Clearly and directly stated, leaving no room for doubt or ambiguity.