In a merchandising company's income statement, which of the following would NOT be included in the Cost of Goods Sold calculation?
A) Shipping costs from the manufacturer to the merchandiser
B) Sales commissions
C) Returns of inventory purchases
D) Sales taxes on inventory purchases, as shown on the invoices
Correct Answer:
Verified
Q9: Under the perpetual inventory system, inventory shifts
Q11: As a perpetual inventory system continuously updates
Q12: The cost of the inventory that the
Q13: The cost of the inventory is the
Q15: To record the cost of inventory sold
Q15: The merchandise inventory is reported as an
Q16: The cost of inventory that is still
Q17: The largest expense on the income statement
Q18: Only freight-out costs associated with merchandise inventory
Q19: A purchase return is a decrease in
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents