Which of the following determines the cost of goods sold?
A)The balance sheet
B)The fmancial position statement
C)The cash budget
D)The income statement
E)The overhead expense statement

Question

Quizplus · Accepted Answer

The cost of goods sold is a key component of the income statement, which shows a company's revenues and expenses over a specific period of time. The cost of goods sold represents the expenses associated with producing and selling a product, including the cost of materials, labor, and overhead. Therefore, the income statement is the best choice for determining the cost of goods sold.

Which of the Following Determines the Cost of Goods Sold