What is cost of goods sold (COGS)? Financial Basics - Part 7
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- Опубликовано: 21 авг 2024
- Check out the whole playlist here: • Financial Basics - Shorts
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Hannah Smolinski is a #CPA and the Founder of Clara CFO Group. Find out more about Clara CFO Group at claracfo.com/
Disclaimer: This video is intended for educational purposes and
should not be taken as legal or tax advice. You should consult with your financial professionals about your unique financial situation before acting on anything discussed in these videos. Clara CFO Group, LLC is providing educational content to help small business owners become more aware of certain issues and topics, but we cannot give blanket advice to a broad audience.
Can you explain more about Cost of Sale?
I have question on COGS pertaining to using manufactured aluminum to produce products . IF I received product as 10 foot form cut it down to 6 foot to send to an end user my manager stated the reaminng 4 foot material is considered scrap since the Bill of materials extracted it. I question this saying the remaining 4 foot material can be in fact used for future 4 foot order. What is the proper way to leae the reaminng foot material in or out my inventory ?
Selling preowned/used items on ebay...Would you consider the time and materials used to clean and prep item for photos etc?
thank you for your videos. these are so informative!! ;) and why dont you have a ring on your finger?? ;)
Hi Clara , are wages paid to employees- Chefs and Servers-of a restaurant considered COGS?
INCLUDE VAT?
Hello, I am curious if you include P/R as part of COGS
Payroll? Not normally. If you can get direct labor separated out, that would be ideal, but most small businesses don't. We use the Labor Efficiency Ratio to judge if gross profit is high enough in these situations! I will include direct labor from contractors though as that is easier to classify as COGS.
@@ClaraCFO That makes sense. However, most small businesses don't calculate LER either.
So how do I do the math?
Where are you from? 😅