. Which of the following would not be considered as a component of the "cost" of Goods Sold? a. Salesforce salaries b. Transportation purchase c. Import duties or raw material d. Factory electricity expense
1. Which of the following would not be considered as a component of the "cost" of Goods Sold?
a. Salesforce salaries
b. Transportation purchase
c. Import duties or raw material
d. Factory electricity expense
2. Revenue minus all direct costing of making the goods or supplying the service is known as?
a. Gross profit
b. Cost of sales
c. Expenses
d. Net profit
3. During the costing process, to arrive at the gross profit of a trading business, which one of the following formulas is applied?
a. Sales - (Beginning Inventory - Purchases - Ending Inventory)
b. Sales - (Beginning Inventory + Purchases + Ending Inventory)
c. Sales - (Beginning Inventory + Purchases - Ending Inventory)
d. Sales - (Beginning Inventory - Purchases + Ending Inventory)
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