$(1.)$

$(2.)$

$(3.)$

$4.$

$5.$

$6.$

$7.$

$8.$

$9.$

$10.$

$11.$

$12.$

$13.$

$14.$

$15.$

$16.$

$17.$

$18.$

$19.$

$20.$

$21.$

$22.$

$23.$

$24.$

$25.$

$26.$

$27.$

$28.$

$29.$

$30.$

$(31.)$ How is cost of goods sold reported in primary financial statements?

A$.$ As a liability in the income statement

B$.$ As an expense in the income statement

C$.$ As an asset in the balance sheet

D$.$ As a liability in the balance sheet

$(32.)$ Where are product costs reported in an income statement?

A$.$ As admini$(1.)$

$(2.)$

$(3.)$

$4.$

$5.$

$6.$

$7.$

$8.$

$9.$

$10.$

$11.$

$12.$

$13.$

$14.$

$15.$

$16.$

$17.$

$18.$

$19.$

$20.$

$21.$

$22.$

$23.$

$24.$

$25.$

$26.$

$27.$

$28.$

$29.$

$30.$

$(31.)$ How is cost of goods sold reported in primary financial statements?

A$.$ As a liability in the income statement

B$.$ As an expense in the income statement

C$.$ As an asset in the balance sheet

D$.$ As a liability in the balance sheet

$(32.)$ Where are product costs reported in an income statement?

A$.$ As administrative expenses

B$.$ As cost of goods sold

C$.$ As selling expenses

D$.$ As cost of general expenses

$(33.)$ Which item is absent in a merchanting company?

A$.$ Work$-$in$-$process inventory

B$.$ Administrative expense

C$.$ Gross profit

D$.$ Cost of goods sold