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.
Submitted by rinat on May 9, 2006
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Definition
What does COGS mean?
- Cost of goods sold
- 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. 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.
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"COGS." Abbreviations.com. STANDS4 LLC, 2024. Web. 26 Apr. 2024. <https://www.abbreviations.com/term/2186>.
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