What does COGS mean in Accounting?
This page is about the meanings of the acronym/abbreviation/shorthand COGS in the Business field in general and in the Accounting terminology in particular.
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What does COGS mean?
- Cost of goods sold
- Cost of goods sold or COGS refer to the carrying value of goods sold during a particular period. Costs are associated with particular goods using one of several formulas, including specific identification, first-in first-out, or average cost. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the inventories to their present location and condition. Costs of goods made by the business include material, labor, and allocated overhead. The costs of those goods not yet sold are deferred as costs of inventory until the inventory is sold or written down in value.