Final answer:
COGS represents the direct costs of production, operating expenses include regular costs of operations, and other operating income items refer to gains and losses in normal business operations.
Step-by-step explanation:
COGS stands for Cost of Goods Sold, which represents the direct costs incurred in producing a product or service. It includes the cost of materials, labor, and overhead expenses directly related to the production process.
Operating expenses are the costs incurred by a business in its regular operations. Examples include rent, utilities, salaries, marketing expenses, and depreciation of assets.
Other operating income items refer to any gains or losses that a company may incur as part of its normal operations, such as income from the sale of assets or losses from the write-off of certain investments.