1. TASK: Insert the appropriate word in the text below:
assume – includes – purchases – ready
removed – revenues - shipping costs – sold
Cost of goods sold is the cost of the merchandise that was ___________ to customers. The cost of goods sold is reported on the income statement when the sales ___________ of the goods sold are reported.
A retailer's cost of goods sold ___________ the cost from its supplier plus any additional costs necessary to get the merchandise into inventory and ___________ for sale. For example, let's ___________ that Corner Shelf Bookstore ___________ a college textbook from a publisher. If Corner Shelf's cost from the publisher is $80 for the textbook plus $5 in ___________, Corner Shelf reports $85 in its Inventory account until the book is sold. When the book is sold, the $85 is ___________ from inventory and is reported as cost of goods sold on the income statement.
___________ from inventory and is reported as cost of goods sold on the income statement.
2. CHECK YOUR SPEAKING
|
assume |
[ əˈsjuːm ] |
припускати |
|
includes |
[ ɪnˈkluːd ] |
включає |
|
purchases |
[ ˈpɜː.tʃəs ] |
покупки |
|
ready |
[ ˈredi ] |
готовий |
|
removed |
[ rɪˈmuːvd ] |
віддалений |
|
revenues |
[ ˈrev.ən.juː ] |
дохід |
|
shipping costs |
[ ˈʃɪp.ɪŋ ] [ kɒst ] |
вартість доставки |
|
sold |
[ səʊld ] |
проданий |
3. SEE CORRECT ANSWER
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.
A retailer's cost of goods sold includes the cost from its supplier plus any additional costs necessary to get the merchandise into inventory and ready for sale. For example, let's assume that Corner Shelf Bookstore purchases a college textbook from a publisher. If Corner Shelf's cost from the publisher is $80 for the textbook plus $5 in shipping costs, Corner Shelf reports $85 in its Inventory account until the book is sold. When the book is sold, the $85 is removed from inventory and is reported as cost of goods sold on the income statement.
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в підручнику “Practical Financial English”
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