Which of the following statements about the expanded income statement for a business using the periodic...

 

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Which of the following statements about the expanded income statement for a business using the periodic inventory method is FALSE? A. Sales revenue minus sales returns and allowances minus sales discounts equals net sales, B.Net sales minus cost of goods sold equals gross profit. C. Beginning inventory plus net purchases minus freight-in equals the goods available for sale D. Goods available for sale minus ending inventory equals cost of goods sold. Which of the following statements about the expanded income statement for a business using the periodic inventory method is FALSE? A. Sales revenue minus sales returns and allowances minus sales discounts equals net sales, B.Net sales minus cost of goods sold equals gross profit. C. Beginning inventory plus net purchases minus freight-in equals the goods available for sale D. Goods available for sale minus ending inventory equals cost of goods sold.

Answer rating: 100% (QA)

B Net sales minus cost of goods sold equals to gross profit Gross margin equates to net sales minus ... View the full answer