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The income statement of a merehandising company includes a major type of cost that does not appear in the income staterment of a service-type business. Identify this cost and explain what it represents

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Answer:

The major type of cost that does not appear on the income statement of a service-type business is referred to as the 'cost of goods sold' expense. This represents the cost required to purchase or manufacture the merchandise that is being sold from the business's inventory.