Get the free Cost of Goods Sold Data Report Version 2 - PTDA

Cost of Goods Sold Data Report Version 2.0 The following format was revised by a task force of volunteers from Power Transmission Distributors Association (PDA). This format is recommended for the

How to fill out cost of goods sold

How to fill out cost of goods sold:

1. Start by gathering all relevant financial documents, such as sales invoices, purchase receipts, and inventory records.
2. Calculate the opening inventory for the period by taking the value of the inventory at the beginning of the period.
3. Add the cost of purchases made during the period, including the cost of raw materials, direct labor, and any other applicable costs.
4. Deduct any purchase returns or allowances to get the net purchases.
5. Calculate the closing inventory by taking the value of the inventory at the end of the period.
6. Use the formula: Opening Inventory + Net Purchases - Closing Inventory = Cost of Goods Sold.
7. Record the calculated cost of goods sold in the appropriate financial statement, such as the income statement or profit and loss statement.

Who needs cost of goods sold:

1. Business owners and managers use the cost of goods sold to analyze the profitability of their products or services.
2. Investors and shareholders can assess the company's ability to generate profits by analyzing the cost of goods sold.
3. Lenders and creditors consider the cost of goods sold when evaluating a company's financial performance and creditworthiness.
4. Tax authorities may require the cost of goods sold to ensure accurate reporting of income and tax liability.
5. Cost of goods sold is necessary for financial reporting and compliance purposes, including preparing financial statements and tax returns.

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