Which of the Following Statements Regarding a Multistep Income Statement

Multiple Choice

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.