The income statement of a manufacturing firm reports ________.
A) sales promotion costs only
B) inventoriable costs only
C) cost of goods sold
D) only manufacturing overhead costs

Question

Quizplus · Accepted Answer

The income statement of a manufacturing firm reports cost of goods sold, which includes both direct and indirect manufacturing costs. It is not limited to sales promotion costs or manufacturing overhead costs only.

The Income Statement of a Manufacturing Firm Reports ________