on a traditional income statement, cost of goods sold reports the costs attached to merchandise sold during the period, while selling and administrative expenses report all costs that have been expensed as incurred. (enter only one word per blank.) statement, cost of goods sold reports the costs attached to merchandise sold during the period, while selling and administrative expenses report all period costs that have been expensed as incurred

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03-09-2022
Business

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on a traditional income statement, cost of goods sold reports the costs attached to merchandise sold during the period, while selling and administrative expenses report all costs that have been expensed as incurred. (enter only one word per blank.) statement, cost of goods sold reports the costs attached to merchandise sold during the period, while selling and administrative expenses report all period costs that have been expensed as incurred

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Lanuel Lanuel · Answer 1 · 2022-09-07T19:46:50+02:00

On a traditional income statement, cost of goods sold reports the product costs attached to merchandise sold during the period, while selling and administrative expenses report all period costs that have been expensed as incurred.

What is an income statement?

An income statement can be defined as a financial document which is typically used by an entrepreneur or business firm to record the amount of money (revenues) that are entering into a business.

What are product costs?

Product costs is also referred to as inventoriable costs and they can be defined as the financial value (money) that are attached to units of product as they are being produced or sold (purchased) for resale.

On a traditional income statement, the product costs attached to merchandise sold during the period are reported by cost of goods sold while period costs that have been expensed as incurred are reported by selling and administrative expenses.

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