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Form 1125A (Rev. December 2012) Department of the Treasury Internal Revenue Service Name Cost of Goods Sold Employer identification number 1 2 Inventory at beginning of year Purchases. . . . . . .
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How to fill out cost of goods sold
How to fill out cost of goods sold:
01
Identify all the direct costs associated with producing or purchasing the goods that were sold during a specific period.
02
Include costs such as raw materials, labor, and any other expenses directly related to the production or purchase of goods.
03
Exclude any indirect costs not directly linked to the production or purchase of goods, such as administrative expenses or selling expenses.
04
Calculate the total cost of goods sold by adding up all the direct costs identified in step 1.
05
Record the cost of goods sold figure in the appropriate income statement section or accounting record.
Who needs cost of goods sold:
01
Businesses and companies use cost of goods sold to determine the profitability of their operations.
02
Investors and stakeholders use cost of goods sold to evaluate the financial health and efficiency of a company.
03
Manufacturers and retailers rely on cost of goods sold to assess the performance of their production or purchasing processes.
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Cost accountants and financial professionals utilize cost of goods sold for budgeting, forecasting, and decision-making purposes.
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Government agencies and tax authorities may require businesses to report cost of goods sold figures for tax compliance purposes.
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What is cost of goods sold?
Cost of goods sold (COGS) refers to the direct costs associated with the production of goods or the provision of services by a company.
Who is required to file cost of goods sold?
Businesses that sell products or services are required to calculate and report their cost of goods sold.
How to fill out cost of goods sold?
To calculate COGS, you need to track the direct costs of producing goods or providing services, such as labor, materials, and overhead expenses.
What is the purpose of cost of goods sold?
The purpose of COGS is to determine the profitability of the products or services sold by a company.
What information must be reported on cost of goods sold?
COGS typically includes the cost of materials, labor, and overhead directly associated with production or service provision.
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