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Cost of Goods Sold

   Also found in: Acronyms, Wikipedia, Hutchinson 0.04 sec.
Cost of goods sold
The total cost of buying raw materials, and paying for all the factors that go into producing finished goods.

cost of goods sold
The cost of purchasing materials and preparing goods for sale during a specific accounting period. Costs include labor, materials, overhead, and depreciation.

Cost of Goods Sold
Beginning inventory plus direct purchases, direct labor costs, and overhead costs less withdrawals for personal use and ending inventory. Sole proprietors compute their cost of goods sold in Part III of Schedule C.


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? Mentioned in ? References in periodicals archive
 
Inventory is a "short-lived asset"; any write-up to the inventory on acquisition typically is included in cost of goods sold and offsets income in the first year following purchase.
Cost of goods sold for the three months ended September 30, 2006 was $0.
Some readers have asked how the cost of goods sold figure was determined in exhibit 3 of"The Tax Benefits of ABC" (page 36).
 
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