Accounting for IGCSE & O level - Preparation Of Financial Statements (Section 24 - No. 30)
What is the cost of goods sold (COGS) used for?
To calculate a company's profitability
To calculate the company's financial position.
To determine the company's revenues.
To calculate the cost of the beginning inventory.
Explanation
COGS is a key part of calculating profit (revenue-COGS).
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