Which of the following is true of cost of goods sold? a. It is an expense that appears on the income statement. b. It includes all selling and administrative expenses. c. It represents the total conversion cost of the goods manufactured. d. The balance in this account is transferred to finished goods inventory. The ending inventories of materials, work-in-process, and finished goods appear: a. as non-operating expenses on the income statement. b. as current assets on the balance sheet. C. as non-current assets on the balance sheet. d. as operating expenses on the income statement. During May, the cost of goods manufactured was $60,000. The beginning finished goods inventory for the month was $26,000, and the ending finished goods inventory ws L000 what was the cost of goods sold for May? Oa. $29,000 b. $55,000 Oc. $117,000 Od. $64,000 Impact Corporation reported $450,000 of revenue for the year. Selling expenses amounted to $51,000, and administrative expenses were $76,000. Cost of goods soid was 3es of revenue. Impact's gross margin is: a. $323,000. Ob. $374,000. C. $279,000. d. $171,000