COGS - Acct 209, Texas A&M

in Chapters 5 & 6 (Video 9 of 14)

6 minutes

How can we figure out COGS under the periodic inventory system? By making up a formula, of course.

This Video Mentioned Some Formulas

Beginning Inventory

+ Net Purchases

– Ending Inventory

COGS

Beginning Inventory

+ Net Purchases

– COGS

Ending Inventory

Sales Revenue

– Sales Returns and Allowances

– Sales Discounts

Net Sales

Purchases

– Purchase Returns and Allowances

– Purchase Discounts

Net Purchases

+ Transportation In

Cost of Goods Purchased

1	The Multistep Income Statement	12:44
2	Gross Profit vs Net Profit	6:15
3	Profit Margin	3:22
4	Net Sales	10:03
5	COGS and Inventory	2:57
6	Perpetual vs Periodic	7:10
7	FOB Shipping?	8:51
8	Transportation In	8:41
9	COGS You are here.	6:18
10	Drawbacks to Periodic	6:07
11	Specific Identification	2:17
12	Weighted Average	4:21
13	FIFO and LIFO	20:17
14	Estimating with Gross Profit	7:23

	Click Here to View All Chapters 5 & 6 Problems at Once	View
1	Consignment Inventory	Easy
2	FOB Destination	Easy
3	Inventory Set Aside	Easy
4	Loss On Inventory	Easy
5	FOB Shipping	Moderate
6	FOB Shipping	Moderate
7	Inventory Costing	Moderate
8	Calculating Operating Income	Hard
9	The Effect of Inventory Errors	Hard