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Answer Posted / rajesh
Cost of goods sold is usually the largest expense on the
income statement of a company selling products or goods.
Cost of Goods Sold is a general ledger account under the
perpetual inventory system.
Under the periodic inventory system there will not be an
account entitled Cost of Goods Sold. Instead, the cost of
goods sold is computed as follows: cost of beginning
inventory + cost of goods purchased (net of any returns or
allowances) + freight-in - cost of ending inventory.
This account or this calculation matches the cost of the
goods sold with the sales.
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