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Knowledge Check 01 The traditional income statement uses which of the following cost categories? Variable expenses and fixed expenses. Cost of goods sold and fixed expenses. Operating expenses and selling and administrative expenses, Cost of goods sold and selling and administrative expenses. Knowledge Check 02 Audio Corporation purchased $20,000 of DVDs during the current year. The company had DVD inventory of $15,000 at the beginning of the year. An end of the year audit revealed that the company had DVD inventory of $10,000. The amount that would be reported as cost of goods sold in the income statement for the current year is $25,000$15,000$10,000$20,000