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Which of the statements below are correct regarding cost of goods sold? Multiple choice...

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Accounting

Which of the statements below are correct regarding cost of goods sold?
Multiple choice question.
Cost of goods sold is an asset account reported on the balance sheet.
Cost of goods sold is the price received from selling a product.
Cost of goods sold is the expense of buying and preparing merchandise.
Cost of goods sold can be determined by subtracting the cost of a merchandise sold from its sales price.

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