The official business definition of Cost of Purchasing is the total cost associated with the acquisition of goods and services from external sources. This cost includes the price of the goods or services, as well as any associated costs such as shipping, taxes, and handling fees. It also includes the cost of any labor required to acquire the goods or services, such as the cost of hiring a procurement specialist or the cost of research and negotiation. Cost of Purchasing is an important metric for businesses to consider when making purchasing decisions, as it can have a significant impact on the bottom line. By understanding the total cost of purchasing, businesses can make more informed decisions and ensure they are getting the best value for their money.