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Answer Posted / prasanna11149@yahoo.co.in
The direct costs attributable to the production of the
goods sold by a company. This amount includes the cost of
the materials used in creating the good along with the
direct labor costs used to produce the good. It excludes
indirect expenses such as distribution costs and sales
force costs. COGS appears on the income statement and can
be deducted from revenue to calculate a company's gross
margin.
Also referred to as "cost of sales".
Price of buying or making an item that is sold; also called
cost of goods sold. The difference between sales and cost
of sales is gross profit. For a retail business, the cost
of sale is the purchase price of the item. For a
manufactured good, the cost of sale includes Direct
Material, Direct Labor, and Factory Overhead associated
with producing it. An example would be the cost to General
Motors of making a car. An illustrative example of a gross
profit calculation for a retail business follows:
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