Asked by
Gabrielle Cooke
on Nov 12, 2024Verified
Which of the following accounts will not be found in the cost of merchandise sold section of the income statement for a company using the periodic inventory method?
A) Purchases
B) Freight In
C) Selling Expense
D) Merchandise Inventory
Selling Expense
Costs incurred directly and indirectly in making sales; these can include advertising, sales staff salaries, and commissions.
Periodic Inventory Method
An accounting method that updates inventory and cost of goods sold figures at the end of an accounting period, not at each sale.
Cost Of Merchandise Sold
The total cost incurred to purchase or produce the goods that have been sold to customers during a specific period.
- Recognize the accounts included and not included in the cost of merchandise sold section.
Verified Answer
NM
Learning Objectives
- Recognize the accounts included and not included in the cost of merchandise sold section.