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