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Which of statements regarding a multistep income statement

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Reference no: EM132786753

Problem 1: Which of the following statements regarding a multistep income statement is true?

A. When a company sells inventory for more than its cost, the difference between the sales revenue and the cost of goods sold is called the operating income.

B. A single-step income statement shows sales, gross margin, and net income.

C. Gross margin is calculated as sales revenue minus cost of goods sold.

D. Gross margin equals net income.

The financial statements of Tin Company included the following:

Sales $1,000,000

Gross margin 300,000

Ending Inventory 100,000

Problem 2: Based on the information provided, what was the company's cost of goods sold?

A. $200,000

B. $600,000

C. $700,000

D. $900,000

Reference no: EM132786753

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