ContentA Brief Background to Cost of Goods Sold (COGS)What is cost of goods sold (COGS)?Why is tracking cost important?What Is the Cost of Goods Sold Formula?Cost of goods sold: How to calculate and record COGS Near the end of a reporting period, account balances can clearly be altered by the FOB designation. Company XYZ has a beginning balance in its inventory asset account of $1,000,000. Say, during...