What is the cost of goods sold section, Accounting Basics

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The cost of goods sold section

Cost of merchandise sold to customers during a period is subtracted from net sales figure for the same period to get amount of gross profit. (Net Sales - cost of goods sold = Gross profit)

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You need both beginning and ending merchandise inventory figures and net purchases for period. (Purchases Returns and Purchases Discounts and Allowances decrease cost of Purchases.)

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