In the case of air carriers,the cost of goods sold section of the income statement looks similar to that of a steel manufacturer.

Question

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The cost of goods sold section for an air carrier would be different from that of a steel manufacturer. Air carriers would include costs related to fuel, aircraft maintenance, personnel expenses, and other costs unique to the industry, while a steel manufacturer would include costs such as raw materials, labor, and manufacturing overhead.

In the Case of Air Carriers,the Cost of Goods Sold