1. Which of the following statements about costs and expenses is correct? a. b. c. A cost is a sacrifice of resources. Cost and expense are the same. All assets will become expenses. 2. A cost of goods sold statement for a retail business: a. Includes transportation-in costs. b. Has a cost of goods manufactured section. c. Covers a period of time. d. Both a and c 3. A period cost: a. Is also known as manufacturing cost. b. Includes both marketing and administrative costs. c. Will be expensed when products are sold. d. Is part of cost of goods sold