Homework Answers
Answer: A; cost of goods sold
This is the inventory cost of quantity of goods which are sold in the market. There may be an adjustment with beginning and ending inventory to purchase in order to get the cost of goods sold.
Cost of goods sold = Beginning inventory + Purchase – Ending inventory
This cost must not be applied to service company, since there is no inventory or sale of material but the sale of service only.
Other options are not correct:
Option B: there may be office supplies, which are required in service company too.
Option C: both these businesses require paying salaries.
Option D: depreciation on building, office furniture, etc. are required for both these businesses.
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