![]() That’s the cost of the inventory to you, not the price the customer paid.ĬOGS usually takes into account all direct and indirect costs of a product. In simple terms, cost of goods sold refers to the cost of the inventory you have sold to customers. Today, we’re looking at cost of goods sold (COGS), why it’s important, and the simple COGS formula. Luckily, knowing the right accounting formulas makes managing your costs a lot easier. How much you spend on inventory has a huge impact on your business.
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