On the income statement of a manufacturing company, what replaces purchases in the Cost of goods sold section of a retail company?

A) finished goods
B) cost of merchandise available
C) cost of goods manufactured
D) work in process

Cost of Goods Manufactured

The total cost incurred by a company to produce goods in a given period, including materials, labor, and overhead.

Income Statement

A financial report summarizing the revenues, costs, and expenses incurred during a specific period, typically a fiscal quarter or year.