Problem: Select all that apply Cost of goods sold is characterized by which of the following statements? (Check all that apply.) Multiple select question. Cost of goods sold is the money received from selling merchandise. Cost of goods sold is an asset reported on the balance sheet. Cost of goods sold is used to figure gross profit. Cost of goods sold is an expense reported on the income statement. Cost of goods sold includes the expenses of buying and preparing an item for sale. Cost of goods sold is also called cost of sales.