cost of goods *sold COGS is reported on the income statement and is subtracted from revenue to determine the gross profit. COGS is a specific accounting term. It specifically refers to the cost of goods that have been sold during a particular period. COG is a term referring to the cost incurred to produce or acquire goods. This term is broader and can be used in various contexts, incl. inventory evaluation. Hope that helps!
What does COGS stand for?
cost of goods *sold
COGS is reported on the income statement and is subtracted from revenue to determine the gross profit. COGS is a specific accounting term. It specifically refers to the cost of goods that have been sold during a particular period.
COG is a term referring to the cost incurred to produce or acquire goods. This term is broader and can be used in various contexts, incl. inventory evaluation. Hope that helps!
Cost Of Goods Sold...basically what I paid for my items. Thanks for watching!!