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Friday, January 09, 2015 9:51:26 AM
http://www.accountingcoach.com/inventory-and-cost-of-goods-sold/explanation
"Cost of goods sold is the cost of the merchandise that was sold to customers. The cost of goods sold is reported on the income statement when the sales revenues of the goods sold are reported."
Note it's the cost of merchandise SOLD TO CUSTOMERS. Not the merchandise in inventory.
Then let's review that the financial statement filed by GPDB calls the item "COST OF SALES", not "COST OF SALES PLUS INVENTORY", not "COST OF MERCHANDISE".
Are ya clear now?
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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