Cost of Goods Sold The amount a retailer has paid to acquire the merchandise sold during a given time period. It equals the cost of merchandise available for sale minus the cost value of ending inventory.
Cost of Goods Sold - the price paid by a company for the goods it sells to its customers.
1) Cost of Goods Sold reduces Gross Sales to arrive at Total Income.
2) Net Income would increase by $5,000.
3) Net Income would increase by $5,000.
Contribution: The amount of money left over to contribute to overhead expenses after deducting for customer returns, cost of goods sold, direct selling expenses and variable order-processing costs.
 See also: Store, Goods, Service, Customer, Market
  
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