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It cost an arm and a leg.

it costs an arm and a leg.

someone tell me there is no need to append "s" after cost.so the first sentence is right.

but i think the second sentence is right.

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Both sentences can be correct if you give some context. The first one has the verb in past simple, the second one has the verb in present simple.

It cost (me) an arm and a leg.(It was very expensive )

It costs am arm and a leg.(It is very expensive ).

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