Question 7 (2 points) Cost of goods sold is O 1) a product cost. 2) a period cost. 3) recorded in a liability account until inventory is sold. 4) recorded when inventory is purchased. Save Question 8 (2 points) The total cost line on a breakeven or cost-volume-profit chart intersects the y-axis at a point equal to O O 1) break-even volume 2) total fixed cost 3) unit variable cost 4) break-even sales revenue O O