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cost of sales
(redirected from Cost of goods sold)

   Also found in: Financial, Acronyms, Wikipedia 0.01 sec.

cost of sales

In business, the cost incurred directly in making sales. This may include the cost of raw materials or goods bought for resale and labour costs incurred in producing goods. It does not include overhead costs.



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Inventory is a "short-lived asset"; any write-up to the inventory on acquisition typically is included in cost of goods sold and offsets income in the first year following purchase.
Cost of goods sold for the three months ended September 30, 2006 was $0.
Some readers have asked how the cost of goods sold figure was determined in exhibit 3 of"The Tax Benefits of ABC" (page 36).
 
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