Accounting for IGCSE & O level - Preparation Of Financial Statements (Section 18 - No. 8)
What is included in the calculation of 'Cost of Goods Sold'?
Selling and administrative expenses
Direct materials, direct labor, and manufacturing overhead
Interest expense
Marketing costs
Explanation
Cost of Goods Sold includes all costs directly related to producing the goods sold, such as direct materials, direct labor, and manufacturing overhead.
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