Which of the following accounts would the income statement of a merchandise and service company contain?

a. Asset and Liability
b. AR and Inventory
c. Inventory and Unearned Revenue
d. Inventory and COGS

Answer:

It is option d: Inventory and COGS.

Explanation:

Hope it helps

Inventory and Cost of Goods Sold (COGS) would appear in the income statement of a merchandise and service company.

Both the raw materials used in production and the finished commodities that are offered for sale are included in the definition of inventory. One of a company's most valuable assets is its inventory because it is one of the main sources of revenue generation and, consequently, a source of profits for the company's shareholders. There are three different categories of inventory: finished commodities, work-in-progress, and raw materials. On the balance sheet of a company, it is listed as a current asset.

To consign their inventory, several producers work with merchants in partnerships. Inventory held by a customer but owned by the supplier or producer (often a wholesaler) is known as consignment inventory (generally a retailer). Once the inventory has been sold to the final buyer or has been consumed, the customer purchases it (e.g., to produce their own products).

The fact that the client promotes and makes the provider's goods easily accessible to end consumers is advantageous to the supplier. The customer benefits because they wait to spend money until it is lucrative for them. This implies that they only buy it when the customer does, or until they need the inventory for their operations.

The cost of goods sold is a measure of the "direct cost" involved in producing any goods or services. It is directly related to revenue and includes material costs, direct labor costs, and direct factory overheads. The expenses incurred by the company in producing the products or rendering the services it offers are included in the cost of goods sold. These expenses may include the variable costs related to producing items, such as labor and raw materials.

Additionally, depending on the applicable accounting principles, they may also include fixed costs such as factory overhead, storage charges, and occasionally depreciation expenditure.

It excludes general selling costs like managerial salaries and marketing expenditures.

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Fixed Budget
Sales (16,000 units) $ 3,264,000
Cost of goods sold
Direct materials $ 384,000
Direct labor 672,000
Production supplies 448,000
Plant manager salary 184,000 1,688,000
Gross profit 1,576,000
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Sales commissions 128,000
Packaging 240,000
Advertising 100,000 468,000
Administrative expenses
Administrative salaries 234,000
Depreciation—office equip. 204,000
Insurance 174,000
Office rent 184,000 796,000
Income from operations $ 312,000
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Flexible Budgets
For Quarter Ended March 31, 2017
------Flexible Budget------ ------Flexible Budget at ------
Variable Amount per Unit Total Fixed Cost 14,000 units 16,000 units 18,000 units
Sales
Variable costs:
Direct materials
Direct labor
Production supplies
Sales commissions
Packaging
Total variable costs 0.00 0 0 0
Contribution margin
Fixed costs:
Plant manager salary
Advertising
Administrative salaries
Depreciation - Office equip.
Insurance
Office rent
Total fixed costs 0 0 0 0
Income from operations