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Which of the following statements is true? a. Only service companies report both cost of goods sold and gross profit. b. Cost of goods sold
Which of the following statements is true?
a. Only service companies report both cost of goods sold and gross profit.
b. Cost of goods sold is the largest expense item for many firms.
c. Cost of goods sold is not affected by the choice of inventory valuation method.
d. Cost of goods sold equals gross profit.
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