Cost of Goods Sold and Cost of Goods Produced

Question

27 Aug 2021

Answer :

Word Count : 444

Difference between cost of goods sold and cost of goods produced:

a) Cost of goods sold also termed as cost of sales is the amount incurred on goods which are actually sold by the business during the period. It is calculated by the following two formulas:

Cost of goods sold = Net sales – Gross profit or

Cost of goods sold = Opening stock + Net purchases + Direct expenses – Closing stock

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