Answered

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On the income statement, a merchandising company reports the cost of merchandise inventory that had been sold to customers. TRUE OR FALSE

Sagot :

Answer:

True

Explanation:

The correct answer is - True

Reason -

Cost of goods sold is the inventory cost to the seller of the goods sold to customers. It Expense item with a normal debit balance.

The word expense is not written there but it is an expense item on the income statement as a reduction to Revenue.

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