Multiple Select Question

Select all that apply

Which statements are true regarding the cost of goods sold?

It is subtracted from gross profit to determine net income.

It is frequently called cost of sales or cost of products sold.

It is normally shown as a separate expense because of its significance.

It represents the seller's maximum "cushion" from which all other expenses must be met in order to have net $i$

It represents the total cost of merchandise sold to customers.