COST OF GOODS SOLD (COGS) is a figure representing the cost of buying raw material and producing finished goods. Included are precise factors, i.e. material and factory labor; as well as others that are variable, such as factory overhead.
EXPLICITLY is something fully and clearly expressed, i.e. leaving nothing implied.
TOTAL LIABILITIES AND EQUITY is all claims on the company's total assets, by outsiders (liabilities) and the company owners/shareholders (equity).
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