The cost of goods sold section of a multiple-step income statement includes beginning and ending inventories, goods available for sale and operating expenses.

Name: The cost of goods sold section of a multiple-step income statement includes beginning and ending inventories, goods available for sale and operating expenses.
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The cost of goods sold section includes beginning and ending inventories, goods available for sale, but not operating expenses, which are listed separately on the income statement.

The Cost of Goods Sold Section of a Multiple-Step Income