Total amount a business spend to purchase the products it sold during an accounting period would be found in

1. In the asset section of the balance sheet, in a line item called Inventory
2. In the Revenues section of the income statement, in a line item called purchases
3. In a Liability account you use to track bills, called Accounts Payable
4. In the cost of good sold section of the income statement, in a line item called purchases
5. In the Assets section of the balance sheet, in a line item called purchases