Where do Inventory and Cost of sales appear?
A)On the balance sheet and income statement,respectively
B)On the income statement and cash flow statement,respectively
C)On the balance sheet and statement of changes in equity,respectively
D)On the statement of changes in equity and income statement,respectively

Question

Quizplus · Accepted Answer

Inventory appears on the balance sheet under current assets while Cost of sales appears on the income statement as part of the calculation for determining gross profit.

Where Do Inventory and Cost of Sales Appear