V1) Which of the following is considered a period cost? C A) Transportation cost on goods received from suppliers B) Cost of merchandise purchased Advertising expense for the current month None of these answer choices are considered a period cost 2) When are product costs matched directly with sales revenue? A) When the merchandise is sold B) When the merchandise is purchased C) In the period immediately following the purchase D) In the period immediately following the sale 2) 3) What type of account is the Cost of Goods Sold account?3) A) Liability B) Expense C) Asset D) Contra asset V4) Abbott Company purchased $6,500 of merchandise inventory on account. Abbott uses the perpetual inventory system. Which of the following entries would be required to record this transaction? 4)5 A) Cost of Goods Sold 6,500 Accounts Payable 6,500 6,500 Inventory Accounts Payable 6,500 C) Accounts Payable 6,500 6,500 D) Accounts Payable Inventory 6,500 6,500