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yes it is. it is an income statement account

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โˆ™ 2008-04-06 02:36:38
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Q: Is cost of goods sold a nominal account?
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Related questions

Are the cost of goods sold a balance sheet account?

No. Cost of Goods Sold appears on the Income Statement.


What account is used to record the cost of inventory sold?

Cost of goods sold ( ? )


What type of Account is cost of goods sold?

Cost of goods sold is an expense account that shows up on the income statement. It is subtracted from sales to calculate gross margin.


Cost of goods sold in cost accounting?

Cost of goods sold.


What is the difference between cost of good sold and cost of good sold statement?

Cost of goods sold is the total cost incurred for goods manufacturing while cost of goods sold statement is the document which shows the calculation of cost of goods sold.


What is the difference between perpetual and periodic inventory?

Hope this helps... Periodic Inventory System Perpetual Inventory System Inventory account and cost of goods sold are non-existent until the physical count at the end of the year. Account and the balance of costs of goods sold and inventory account exist all the time. Purchases account is used to record purchases. No individual purchases account but the purchases are recorded in the Inventory Account. Purchase Return account is used to record Purchases Returns account. No individual Purchase Returns account but the purchases return are recorded in the Inventory Account. Cost of goods sold or cost of sale is computed from the ending inventory figure Record cost of goods sold/cost of sale - inventory is reduced when there is a sale. For goods returned by customers there are no inventory entries. Returns from customers are recorded by reducing the cost of goods sold and adding back into inventory.


What is the difference between periodic and perpitual inventory system?

Periodic Inventory System Inventory account and cost of goods sold are non-existent until the physical count at the end of the year. Purchases account is used to record purchases. Purchase Return account is used to record Purchases Returns account. Cost of goods sold or cost of sale is computed from the ending inventory figure For goods returned by customers there are no inventory entries. Perpetual Inventory System Account and the balance of costs of goods sold and inventory account exist all the time. No individual purchases account but the purchases are recorded in the Inventory Account. No individual Purchase Returns account but the purchases return are recorded in the Inventory Account. Record cost of goods sold/cost of sale - inventory is reduced when there is a sale. Returns from customers are recorded by reducing the cost of goods sold and adding back into inventory.


What is the difference between cost of goods manufactured and cost of goods sold?

How do you calculate cost of goods sold for a manufacture company


What account does a merchandiser but not service company use?

cost of goods sold , inventory and sales revenue


To adjust a companys LIFO cost of goods sold to FIFO cost of goods sold?

a decrease in the LIFO reserve is subtracted from LIFO cost of goods sold.


Journal entry to record cost of goods sold?

Debit finished goods inventoryCredit cost of goods sold


How do you calculate average daily cost of goods sold?

Annual cost of goods sold / 365

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