Cost of goods is the sum of all amounts transferred from work in process to finished goods during a period
Cost of goods sold or COGS refers to the direct costs which are incurred in producing the goods sold by any company. This amount includes the cost of the materials and labor which is directly used to create the goods.
It excludes the indirect expenses for example distribution costs and sales force costs.
Cost of goods sold is also known to as "cost of sales."
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