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Learn more about cost of goods sold and gross profit in the Boundless open textbook. Gross profit or sales profit is the difference between revenue and the cost of Textbooks Boundless Accounting Detailed Review of the Income Statement.
Both manufacturers and retailers list cost of good sold on the income statement as an expense directly after the total revenues for the period. COGS is then
The cost of goods sold is reported on the income statement and can be considered as an expense of the accounting period. By matching the cost of the goods sold with the revenues from the goods sold, the matching principle of accounting is achieved. The sales revenues minus the cost of goods sold is gross profit.
4 Nov 2014 If income exceeds expense during the reporting period, there is a net profit; if not, the company has suffered a loss. COGS are reported under expenses as the costs directly related to either the product or goods sold by a company or the costs of acquiring inventory to sell to consumers.
The company discloses cost of goods sold on the income statement, usually directly under sales. The formula for cost of goods sold equals the beginning
Cost of goods sold can be determined after sales revenue and before gross profit on a multiple-step income statement. The cost of goods sold balance is an

Manufacturing companies are companies that make a product. Because these companies have inventory in various stages of production, there are three
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
The income statement for a trading business will thus look slightly different to the income This would result in a gross profit of $100 (sales minus cost of sales).

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August 2017