Which of the following is subtracted from net sales revenue to arrive at gross profit on a multi-step income statement?
A)cost of goods available for sale
B)cost of goods sold
C)sales discounts and sales returns and allowances
D)operating expenses

Question

Quizplus · Accepted Answer

Cost of goods sold represents the cost of the products sold during the period, and is subtracted from net sales revenue to arrive at gross profit on a multi-step income statement.

Which of the Following Is Subtracted from Net Sales Revenue