the assumption that a company makes about its inventory cost flow can affect cost of goods sold on its…
the assumption that a company makes about its inventory cost flow can affect cost of goods sold on its ______ and inventory on its ______. balance sheet; balance sheet income statement; income statement balance sheet; income statement income statement; balance sheet need help? review these concept resources.
Answer
Brief Explanations:
Cost of goods sold is an expense item reported on the income - statement. Inventory is an asset reported on the balance - sheet. Inventory cost flow assumptions impact the calculation of cost of goods sold and the valuation of inventory.
Answer:
D. income statement; balance sheet