Cost of Goods Sold

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In a perpetual inventory system, Cost of Goods Sold is an account that records the cost of goods sold or the cost of merchandise inventory used to make the sale.


Definitions

According to College Accounting: A Practical Approach by Slater (13th edition)‎,

Cost of Goods Sold. In a perpetual inventory system, an account that records the cost of goods sold or the cost of merchandise inventory used to make the sale.

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