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cost of goods sold

Forums › FIA Forums › FA1 Recording Financial Transactions Forums › cost of goods sold

  • This topic has 1 reply, 2 voices, and was last updated 7 years ago by secondstar.
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  • July 22, 2017 at 5:42 pm #398120
    jobo101
    Member
    • Topics: 1
    • Replies: 0
    • ☆

    ive been studying ACCA FA1 for 5 weeks now and have never used ‘cost of good sold’ in the T accounts. What is it, is there an alternative term?

    July 23, 2017 at 2:30 pm #398234
    secondstar
    Member
    • Topics: 16
    • Replies: 220
    • ☆☆☆

    Its not in the T-accounts, its in the Income Statement.
    Its the cost of making those goods available for sale. It includes cost of purchasing the goods, transport charges in bringing them to the premises and any other costs incurred in maintaining them in a sale-able form.

    It is calculated by using this formula:
    COGS = Opening Inventory + Purchases – Closing Inventory

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