Fundamentals of Cost Accounting 3rd Edition by William N. Lanen, Shannon W. Anderson, Michael Maher

Exercise 33

Is “cost-of-goods sold” an expense?

Step 1 of 2

Cost of goods sold:-

The term “Cost of goods sold” comprise actual cost of the goods that were sold. It does not include following expenses that are related to salary to sales person, advertisement expense, admistrative expense.