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How is the Cost of Goods Calculated????
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Answer / prasad deshmukh
1)sales - gross profit
2)opening stock + purchase - closing stock+ add direct and
indirect production , administration overhead
| Is This Answer Correct ? | 24 Yes | 3 No |
Answer / aritra
Openig Stock+Purchase- Closing Stock=Cost of goods
| Is This Answer Correct ? | 11 Yes | 5 No |
Answer / ankur
because the question was regarding the cost of goods and
not about the cost of goods sold.......
and thus cost of goods will include the cost incurred on
goods manufactured
Therefore,
Cost of goods is calculated by adding Direct material,
Direct Labour and DirectExpenses and all other indirect
overheads (excluding the financial cost )
but only on the goods manufactured.....
| Is This Answer Correct ? | 7 Yes | 1 No |
Answer / prasanta
According to AS-2 based on valuation of inventories.cost of
goods can be calculated in the following way.
Purchase price of goods
Add- Frieght,Import duties
Add-Any expenditure incurred to bring the goods into the
factory.
In other words cost of goods can be calculated as-:
The cost price of the goods or Net realise value which ever
is lower will be taken into account.
| Is This Answer Correct ? | 4 Yes | 0 No |
Answer / raj chhetri
opening stock+purchases+direct expenses-closing stock
| Is This Answer Correct ? | 2 Yes | 0 No |
Answer / vinaykumar
opening stock add purchase of raw matirial less closing
stock add factory over heads add administration over heads
| Is This Answer Correct ? | 1 Yes | 0 No |
Answer / nishi
Cost of Goods Sold (COGS)= Opening Stock + Purchase + Diret
Expenses - Closing Stock.
or
Cost of Goods Sold = Net sales - Gross profit
| Is This Answer Correct ? | 0 Yes | 0 No |
Answer / harish
Cost or Net realisable value, whichever is less.
| Is This Answer Correct ? | 0 Yes | 0 No |
Answer / viswanatha reddy
The calculation of the cost of goods sold for a
manufacturing company is: Beginning Finished Goods Inventory
+ Cost of Goods Manufactured = Finished Goods Available for
Sale - Ending Finished Goods Inventory = Cost of Goods Sold.
The formula can be rearranged to read: Cost of Goods
Manufactured +/- the change in Finished Goods Inventory =
Cost of Goods Sold. If the Finished Goods Inventory
decreased, then the amount of this decrease is added to the
Cost of Goods Manufactured. If the Finished Goods Inventory
increased, then the amount of this increase is deducted from
the Cost of Goods Manufactured
| Is This Answer Correct ? | 0 Yes | 0 No |
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Audit 
