Cost of goods sold represents the value of merchandise sold to customers.

Name: Cost of goods sold represents the value of merchandise sold to customers.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

Cost of goods sold (COGS) is the direct cost associated with producing or purchasing the goods sold by a company. It includes the cost of materials, labor, and overhead used in the production process. COGS is subtracted from a company's revenue to determine its gross profit.

Cost of Goods Sold Represents the Value of Merchandise Sold