Cost of Goods Sold or Cost of Sales

cost of goods sold  Cost of Goods Sold measures the direct cost incurred in the production of any goods or services It includes material cost, direct  Cost of Goods Sold or as it is more popularly known, COGS is the cost of the material and labor that goes into the production of the goods This does not

Main Takeaways · All costs and expenses directly associated with creating goods are included in the cost of goods sold · Indirect expenses like sales The cost of sales and COGS track the cost of producing a good or service These costs include labor, raw

Cost of goods sold is an expense account, so it is increased by a debit entry and decreased by a credit entry When making a journal entry, COGS is debited and Cost of Goods Sold is important for your taxes It's the sum total of the money you spent getting your goods into your customer's hands—and