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GCSE Business · key term
The costs directly associated with the goods or services sold during a period.
Used by AQA, Edexcel and OCR
Paper 1, Paper 2
The cost of producing or purchasing the goods or services sold during a period.
Revise: Financial StatementsGross profit shows what remains from sales after the cost of sales has been covered. This money must still cover other expenses. Net profit shows what remains after those expenses have also been deducted.
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Specification 2.4.1 · Paper 2
The direct cost of the goods or services sold, such as the purchase cost of stock sold by a retailer or the materials used to make products sold by a manufacturer.
Revise: Business CalculationsCost of sales means the direct cost of the goods or services sold. For a retailer, this includes the purchase cost of the stock it has sold. For a manufacturer, it includes direct production costs, such as materials used to make the products sold.
Paper 2
The costs directly associated with the goods or services sold by a business during a period.
Revise: Calculation of Profit and LossGross profit is the amount left from revenue after deducting the cost of sales. Cost of sales means the costs directly associated with the goods or services sold.