Purchases ($1,000)

{
  "id": "MLC-T-ECS-001540",
  "term": "Purchases ($1,000)",
  "field": "Economic statistics",
  "definition": "Total cost of all merchandise purchased for resale to customers net of returns, allowances, and trade and cash discounts, but including amounts allowed for trade-ins. Includes:\n\n• Merchandise to which firms took title in current year, whether or not payment was made in current year.\n\n• Raw and finished goods.\n\n• Cash and credit purchases.\n\n• Merchandise in transit to a given establishment or to a customer to which the establishment has taken title.\n\n• Amounts allowed for trade-ins.\n\n• Freight, delivery, and other transportation costs.\n\n• Import duties (if paid separately).\n\n• The cost of purchased services that were resold.\n\n• Merchandise sold by a given establishment from the inventory of other establishments of the firm.\n\n• Parts and supplies used in repair work or other service type activities.\n\nExcludes:\n\n• Expenditures for supplies, equipment, and parts purchased for a firm's own use.\n\n• Purchases of liquor and tobacco tax stamps.\n\n• Merchandise to which a firm never took title.\n\n• Sales and other taxes collected directly from customers and paid directly to a federal, state, or local agency.\n\nData are shown in thousands of dollars ($1,000).",
  "references": [
    "U.S. Census Bureau Glossary"
  ],
  "url": "https://mlchart.com/terminology/economic-statistics/purchases-1000/"
}