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What are "costs of goods sold"?

A. Costs related to the expansion of a new business.
B. Costs directly attributed to providing a product or service.
C. Costs of unsuccessful investments made by a business.
D. Costs of updating policies and standards for a business.



Answer :

GinnyAnswer

Final answer:

Costs of Goods Sold (COGS) are direct costs related to providing a product or service and are crucial for determining gross profit.


Explanation:

Costs of Goods Sold, also known as COGS, are costs directly attributed to providing a product or service. These costs include expenses like cost of raw materials, direct labor, and manufacturing overhead. COGS is an essential metric in calculating a company's gross profit.


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