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What is the formula for calculating the cost of goods sold (COGS) from a cost sh
What is the formula for calculating the cost of goods sold (COGS) from a cost sheet?
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Q1
What is the formula for calculating the cost of goods sold (COGS) from a cost sheet?
Opening inventory + Purchases - Closing inventory
Purchases - Opening inventory + Closing inventory
Opening inventory - Purchases + Closing inventory
Closing inventory + Purchases - Opening inventory
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COGS is calculated using the formula: Opening inventory + Purchases - Closing inventory.
Questions & Step-by-step Solutions
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Q
Q: What is the formula for calculating the cost of goods sold (COGS) from a cost sheet?
Solution:
COGS is calculated using the formula: Opening inventory + Purchases - Closing inventory.
Steps: 5
Show Steps
Step 1: Identify the opening inventory. This is the value of the goods you had at the beginning of the period.
Step 2: Identify the total purchases made during the period. This is the value of the goods you bought.
Step 3: Identify the closing inventory. This is the value of the goods you have at the end of the period.
Step 4: Use the formula: COGS = Opening Inventory + Purchases - Closing Inventory.
Step 5: Plug in the values you found into the formula to calculate COGS.
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