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What is Understanding Cost of Goods Sold (COGS) about?

Calculating the cost of goods sold (COGS) involves determining the direct costs of producing or acquiring goods and services. For manufacturers, COGS includes the cost of raw materials and labor, while for retailers it is the amount paid to acquire products for sale. COGS can be calculated as beginning inventory plus purchases minus ending inventory. It is important for determining appropriate pricing and profitability. Regular analysis of COGS can help businesses improve efficiency and reduce costs.

Author

sanind12

Language

EN