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Q. Describe the Cost of sales?

Cost of sales, cost of goods sold -- expense or cost of all items sold during an accountingperiod. Every unit sold has a cost of sales or cost of the goods sold. In businesses with a greatmany items flowing through, cost of goods sold or cost of sales is generally computed by this formula:

Cost of Sales = Beginning Inventory + Purchases During the Period - EndingInventory.

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Accounting Basics, Accounting

Category:- Accounting Basics
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