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Question

Which of the following is not a common adjustment to the purchases account?


A

Costs incurred getting an item to the merchandiser

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B

Items that arrive damaged or otherwise unacceptable to the merchandiser

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C

Costs of goods sold

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D

Discounts for early payment

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Solution

The correct option is C

Costs of goods sold


Answer (C): Costs of goods sold

Explanation: Cost of goods sold (COGS) is the expense of obtaining or assembling the items that an organization sells during a period. So, the main expenses recorded for the action are those that are directly attached to the creation of the items, including the expense of work, materials, and assembling or manufacturing overhead.


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