When inventory is sold,the cost of the inventory is removed from inventory and reported on a multistep the income statement as:
A)inventory expense.
B)cost of goods sold.
C)selling,general,and administrative expenses.
D)operating expenses.

Question

Quizplus · Accepted Answer

The cost of inventory sold during the period is reported on the income statement as cost of goods sold.

When Inventory Is Sold,the Cost of the Inventory Is Removed