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Cost of Goods Sold Statement

The Cost of Goods Sold statement calculates the total manufacturing cost of goods by starting with the opening raw materials and adding purchases, freight, and overhead costs. It then accounts for discounts, returns, and ending raw materials to determine the total cost of goods manufactured, including work-in-process and finished goods. This total cost of goods sold is then used in the Income Statement to calculate gross profit by subtracting it from net sales and deducting other expenses to reach the net profit or loss.

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3K views1 page

Cost of Goods Sold Statement

The Cost of Goods Sold statement calculates the total manufacturing cost of goods by starting with the opening raw materials and adding purchases, freight, and overhead costs. It then accounts for discounts, returns, and ending raw materials to determine the total cost of goods manufactured, including work-in-process and finished goods. This total cost of goods sold is then used in the Income Statement to calculate gross profit by subtracting it from net sales and deducting other expenses to reach the net profit or loss.

Uploaded by

Khan Mohammad
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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Cost Of Goods Sold Statement

XYZ & Bros Corporation Ltd.


For the year ended (Date)
Description Amount Amount
Raw Material (Opening) ========
Add: Purchases ========
Less: Discount On Purchases ========
Less: Return Of Purchases ========
Add: Freight In ========
Add: Carriage In ========
= Material Available For use ========
Less: Raw Material (Ending) ========
= Material Consumed/Used ========
Add: Direct Labor ========
Add: Factory Overhead Cost (FOH) ========
= Total Factory/Manufacturing Cost ========
Add: W-I-P (Opening) ========
= Cost Of Goods Available For Manufacturing ========
Less: W-I-P (Ending) ========
= Cost Of Goods Manufactured ========
Add: Finish Goods (Opening) ========
= Cost Of Goods Available For Sale ========
Less: Finish Goods (Ending) ========
= Cost Of Goods Sold ========

Income Statement
XYZ & Bros Corporation Ltd.
For the year ended (Date)
Description Amount Amount
Sales ========
Less: Discount On Sales ========
Less: Return Of Sales ========
= Net Sales ========
Less: Cost Of Goods Sold ========
= Gross Profit/Loss ========
Less: Other Expenses:
Marketing Expenses ========
Selling Expenses ========
Distribution Expenses ========
Administrative Expenses ======== 1
= Net Profit/Loss ========

Created By: Mati Ullah Samadi

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