What is Cost of goods sold

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Define Cost of goods sold

accounting term used to describe the total value (cost) of products sold during a specific period of time. Since inventory is an asset, it is not expensed when it is purchased or produced; it instead goes into an asset account (the inventory account). When product is sold, the value of the product (the cost, not the sell price) is moved from the asset account to an expense account called “cost of goods sold” or COGS. COGS appear on the profit and loss statement and are also used in some inventory measurements (such as inventory turns).

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National Network of DSD Distributors & Retail Owners

Mr. Checkout is a network of over 1,100 independent distributors and 130,000 independent retail owners across the USA, parts of Canada and the Caribbean. Distributors and independent retail owners use Mr. Checkout to find new products that are ready for retail and can handle rapid growth through independent channels.