The cost of goods sold reflects the selling price of the merchandise sold over a period of time.

Name: The cost of goods sold reflects the selling price of the merchandise sold over a period of time.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

The cost of goods sold reflects the price that a firm paid for merchandise that it plans to resell; or the price of raw materials that a firm paid for in order to produce a good or service for resale. Revenues = Selling price x Volume.

The Cost of Goods Sold Reflects the Selling Price of the Merchandise