cover image

Cost of goods sold

Carrying value of goods sold during a particular period / From Wikipedia, the free encyclopedia

Dear Wikiwand AI, let's keep it short by simply answering these key questions:

Can you list the top facts and stats about Cost of goods sold?

Summarize this article for a 10 year old

SHOW ALL QUESTIONS

Cost of goods sold (COGS) is the carrying value of goods sold during a particular period.

Costs are associated with particular goods using one of the several formulas, including specific identification, first-in first-out (FIFO), or average cost. Costs include all costs of purchase, costs of conversion and other costs that are incurred in bringing the inventories to their present location and condition. Costs of goods made by the businesses include material, labor, and allocated overhead.[1] The costs of those goods which are not yet sold are deferred as costs of inventory until the inventory is sold or written down in value.[2]

Oops something went wrong: