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Reg. Cost of Goods Sold & Cost of Sales

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(Querist)
30 August 2021 Dear Team members,


Good day.

1) What is Cost of Goods Sold & What is Cost of Sales ?? What are its Advantages & Disadvantages ??

2) In the "Chart of Accounts where nd. all - Cost of Goods Sold and Cost of Sales will appear ?? On What Concept (Logic) ?? ( Like in "Trial Balance & Profit & Loss A/c & in Balance Sheet; May be if you can more be Specific" )

Can anyone please 'Explain / Clarify'

Kindly do the needful.


Thanks & Regards
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
30 August 2021 Manufacturer it's cost of goods sold.
Service provider it's cost of sales.

Manufacturers use cost of goods sold. Because service-only businesses cannot directly tie operating expenses to something tangible, they cannot list any cost of goods sold on their income statements. Instead, service-only companies list cost of sales or cost of revenue. Examples of these types of businesses include attorneys, business consultants and doctors.
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