is materials and production the same as cost of goods sold
No. Production Costs are a part of the broader cost of goods sold. Production costs are basically just factory costs, however cost of goods sold also include other administrative costs, selling and distribution expenses etc. That's in terms of generally cost accounting. Views Â· View Upvotes.
Cost of goods sold. Cost of goods sold (COGS) refers to the carrying value of goods sold during a particular period. Costs are associated with particular goods using one of several formulas, including specific identification, first-in first-out (FIFO), or average cost.