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Wednesday, January 21, 2015 1:29:52 PM
And the part of the definition you missed, "Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the inventories to their present location and condition. "
Once again, not G & A overhead.
And finally, just to bring it home, "Cost of goods purchased for resale includes purchase price as well as all other costs of acquisitions,[5] excluding any discounts.
Additional costs may include freight paid to acquire the goods, customs duties, sales or use taxes not recoverable paid on materials used, and fees paid for acquisition. For financial reporting purposes such period costs as purchasing department, warehouse, and other operating expenses are usually not treated as part of inventory or cost of goods sold. "
Competing is intense among humans, and within a group, selfish individuals always win. But in contests between groups, groups of altruists always beat groups of selfish individuals.
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