What are COGS, what are the accounts affected by COGS?
What are some examples of businesses that sell both products and services that are tied to each other?© BrainMass Inc. brainmass.com October 10, 2019, 3:34 am ad1c9bdddf
Cost of Goods sold is a total of all the costs that were incurred to produce the product that was sold. For an example, let's use a company that frames art for customers:
The revenue would be the total collected from customers for each individual framing job.
The costs to frame a customer picture would include
1. Wood or metal framing material
2. Mats, if customer requested any
3. Glass to protect the ...
In a 278 word solution, the response carefully explains the various types of costs that are typically part of cost of goods sold. The accounts affected as also listed with explanations.