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Cost of Goods Sold Definition

cost of goods sold – n : finance/accounting term (often abbreviated COGS); the incremental, direct cost of producing each product or service unit that is sold to customers; sometimes also referred to as variable cost. The selling price (revenue derived from selling an individual product or service unit) minus the COGS equals the gross margin or gross profit.

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Adapted from "The CompanyCrafters Entrepreneur's Dictionary"
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