Cost of goods sold
A) represents all costs associated with research, development, and general administration of the organization.
B) is found on the Balance Sheet.
C) is the cost of the partially completed goods that are still on the factory floor at the end of the period.
D) is the total product cost for the units sold during a period.

Question

Quizplus · Accepted Answer

Cost of goods sold represents the total product cost for the units sold during a period. Option A is incorrect as it refers to other expenses not related to the cost of goods sold. Option B is incorrect because the cost of goods sold is reported on the income statement, not the balance sheet. Option C is incorrect as it refers to work in progress inventory, which is not yet sold.

Cost of Goods Sold