The cost of goods sold section is where a retailing company's income statement and a manufacturing company's income statement diverge most significantly.
The total sum that your company spent on expenses directly associated with the selling of goods is known as the cost of goods sold. This may also include raw materials, packaging, direct labor used in producing or selling the product, and products purchased for resale, depending on the type of your business.
One of the most often and important financial statements you're likely to see is an income statement. Income statements, sometimes referred to as profit and loss (P&L) statements, include the cumulative effect of revenue, gain, expense, and loss transactions and include a summary of all income and expenses over a certain period.
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