Which of the following is not reported on the income statement of a manufacturing firm?
A) cost of goods sold
B) administrative and selling expenses
C) work in progress
D) marketing and distribution costs

Question

Quizplus · Accepted Answer

Cost of goods sold (A) represents the direct cost of producing the goods sold during a period, administrative and selling expenses (B) represent indirect expenses incurred to support the overall operation of the business, and marketing and distribution costs (D) represent costs associated with promoting and delivering the product to customers. Work in progress (C) is an inventory account and is not reported on the income statement until it is sold as finished goods.

Which of the Following Is Not Reported on the Income