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What are COGS, what are the accounts affected by COGS?

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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?

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Solution Summary

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.

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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 ...

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