What is cost of Goods Sold? Definition COGS. An income - TopicsExpress

What is cost of Goods Sold? Definition COGS. An income statement figure which reflects the cost of obtaining raw materials and producing finished goods that are sold to consumers. Cost of Goods Sold = Beginning Merchandise Inventory + Net Purchases of Merchandise - Ending Merchandise Inventory. For example: Beginning Merchandise Inventory = $150,000 Net Purchases of Merchandise = $400,000 Ending Merchandise Inventory = $125,000 COGS = 150,000 + 400,000 - 125,000 = $425,000. In standard accounting practices, gross margin can be calculated by subtracting the cost of goods sold from total sales.

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