In income statements prepared for management under a standard cost accounting system, each of the following are reported at actual amounts except
A)sales.
B)selling expenses.
C)gross profit.
D)cost of goods sold.

Question

Quizplus · Accepted Answer

In a standard cost accounting system, the cost of goods sold is reported at standard cost, not actual cost, to facilitate variance analysis.

In Income Statements Prepared for Management Under a Standard Cost