The Components of the Cost of Sales
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Please help with the following problem. Provide at least 300 words and include a reference.
Describe the components of the Cost of Sales (aka, Cost of Goods Sold) section of the income statement. In addition, include an example from the annual report of a publicly traded company.
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Solution Summary
This posting helps with management accounting. The different components of the Cost of Sales section of an income statement are explained in this solution. The explanation is given in 354 words with one reference.
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Problem: Describe the components of the Cost of Sales (aka, Cost of Goods Sold) section of the income statement. In addition, include an example from the annual report of a publicly traded company.
The components of Cost of Goods Sold (COGS) are beginning inventory, cost of goods purchased, direct labor. In other words, the basic components of the COGS calculation is beginning inventory cost plus cost of additional inventory manufactured or purchased during the year minus cost of inventory sold, taken out of inventory. The COGS is ...
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