Which of the statements below are correct regarding cost of goods sold?
cost of goods sold is the price received from selling a product.
cost of goods sold is an asset account reported on the balance sheet.
cost of goods sold is the expense of buying and preparing merchandise.
cost of goods sold can be determined by subtracting the cost of a merchandise sold from its sales price.

White truffles are a very prized and rare edible fungus that grow naturally in the countryside near alba, italy. suppose that it costs $200 per day to search for white truffles. on an average day, the total number of white truffles (t) found in alba is t = 20x − x 2 , where x is the number of people searching for white truffles on that day. white truffles can be sold for $100 each. if there is no regulation, how many more people will be searching for white truffles than the socially optimal number?