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What does cost of goods sold mean?

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cost of goods sold
(COGS)
Noun

1. In manufacturing, the cost of goods purchased, raw materials, overhead and labor that can be directly related allocated to the production of goods sold.
2. In merchandizing, the purchase price of inventory sold.

Synonym(s): 
  • cost of sales (COS).
Comment: 
"Cost of sales" is chiefly used in mechandizing.
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