GENERAL KNOWLEDGE

Detailed explanation-1: -What Are Consumer Goods? Consumer goods are products bought for consumption by the average consumer. Also called final goods, consumer goods are the end result of production and manufacturing.

Detailed explanation-2: -Cost of goods sold (COGS) is the direct cost of producing products sold by your business. Also referred to as “cost of sales, ‘’ or “COGS report, ‘’ COGS includes the cost of materials and labor directly related to the production and manufacturing of retail products.

Detailed explanation-3: -COGS is sometimes referred to as cost of merchandise sold or cost of sales. Some companies that sell a mix of products and services prefer a broader term, cost of revenue, of which COGS is one component.

Detailed explanation-4: -Cost of goods sold is the total amount your business paid as a cost directly related to the sale of products. Depending on your business, that may include products purchased for resale, raw materials, packaging, and direct labor related to producing or selling the good.