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Sometimes referred to as cost of inventory on hand, the inventoriable cost will include not only the cost of purchasing the items that are found in the inventory, but also all expenses that are related to using those items in the creation of products that are ultimately offered for sale.
Cost of goods sold is both inventoriable cost and period cost where product cost ended up being period cost also. As firstly it was a product cost but as products are sold and with revenue recognized we have to record matching costs as well for the period i.e product cost. Therefore, cost of goods sold is now a period cost as well.