Products that have been completed and are ready for sale at the end of the accounting period are known as costs of goods sold.

Question

Quizplus · Accepted Answer

Products that have been completed and are ready for sale at the end of the accounting period are known as finished goods inventory, not costs of goods sold. Costs of goods sold refers to the cost of producing or purchasing the goods that were sold during the period.

Products That Have Been Completed and Are Ready for Sale