Cost of Goods Sold
Code: 5110
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Account Information
| Account Type | Income Statement |
| Normal Balance | Debit |
Definition
Cost of goods sold
Sub-accounts
International Accounting Standards
IFRS
IAS 2
Inventories
Cost of sales includes costs directly attributable to production. Abnormal costs expensed.
US GAAP
ASC 330
Inventory
Similar. LIFO may result in different COGS compared to IFRS.