In the income statement in Part 5 , the first item subtracted from sales revenue was called
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In the income statement in Part 5 , the first item subtracted from sales revenue was called Cost of Sales . It is the cost of the same products whose revenues are included in the sales amount. This is an example of the m ______ concept. (Some businesses call this item Cost of Goods Sold .) In most businesses the cost of sales is the [smallest /
largest] item of expense, amounting to as much as 85 percent of sales revenues in a profitable supermarket and 60 percent to 70 percent in a profitable manufacturing company.
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