Reg. Cost of Goods Sold & Cost of Sales
This query is : Resolved
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
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
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.
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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