2. Costs of Goods Sold

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The basic calculation for Cost of Goods Sold for a retail business is:

Beginning Inventory + Inventory Purchases - End Inventory = Cost of Goods Sold

The goods and materials available for sale at the beginning of a period are called _____.

beginning inventory

The cost of the merchandise that was sold to customers is called _____.

cost of goods sold

The goods and materials available for sale at the end of a period are called _____.

ending inventory

Materials used in the main production or manufacturing of a product are called _____.

raw materials


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