A Cost of Goods Sold (COGS) report is one of the most important documents in a business, providing detailed insight into how much it costs to produce and sell a product. This information is used to determine profits, create pricing strategies, and make strategic decisions about production rates and inventory management. It is essential for businesses to understand their COGS in order to optimize their business processes and stay competitive in the market. By understanding what COGS are and creating an accurate report, businesses can make better decisions about their operations and ensure that they remain profitable.