On the income statement, adding delivered cost of purchases to beginning merchandise inventory results in
A) cost of goods available for sale.
B) gross profit.
C) cost of goods sold.
D) net income or net loss.
E) ending inventory.

Question

Quizplus · Accepted Answer

Adding delivered cost of purchases to beginning merchandise inventory results in the total cost of goods available for sale during the period. This figure includes both the cost of goods sold and the cost of ending inventory.

On the Income Statement, Adding Delivered Cost of Purchases to Beginning