The operating expense section of an income statement for a wholesaler would not include

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The operating expense section of an income statement includes items like freight-out, utilities expense, insurance expense, and other expenses incurred in the normal course of operating the business. However, the cost of goods sold is not an operating expense; instead, it is a direct cost associated with the sale of products, and is subtracted from revenue to arrive at gross profit.

The Operating Expense Section of an Income Statement for a Wholesaler