Question

Cost of goods sold is characterized by the following statements

Answer 1

Answer:

The interpretation of the particular context is provided in the subsection below on clarification.

Explanation:

• The cost of the products sold has become a reporting liability on either the cash flow statement.
• The cost of the goods offered for sale includes the cost of materials expenditures and the time to prepare such a component for selling price.
• The cost of the goods generated is measured using gross profit. Prices of the products sold are also known as selling costs.