When a product is sold,the cost of the product sold is often called:

Name: When a product is sold,the cost of the product sold is often called:
Brand: Quizplus
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Question

Quizplus · Accepted Answer

The cost of goods sold refers to the cost of the inventory items that were sold during the accounting period. It includes the direct costs associated with producing or acquiring the goods, such as materials, labor, and overhead expenses. This cost is deducted from the revenue earned from the sale to determine the gross profit of the business.

When a Product Is Sold,the Cost of the Product Sold