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Reply from VidhyaDhar on Dec 10 at 7:11 AM Hi
As the names imply both COGS AND COGM are costs ( Cost of Goods Sold
and Cost of Goods Manufactured ).
Cost of Goods Manufactured arises when your WIP is converted into
Saleable Finished Goods and COGM represents the cost related to such
manufacture. Such Finished Goods usually exist in your ware house. You
do not consider an element of profit at this stage since the finished
goods are still yours.
Cost of Goods Sold represent the cost incurred upon Sale of the
Finished Goods. The difference between the Cost of Goods Sold and
Sales represent profit and this happens since you have sold the Goods
to your customer.
Regards
VidhyaDhar
| | | ---------------Original Message---------------
From: sumit sachdeva
Sent: Monday, December 10, 2012 5:17 AM
Subject: Financial Statement Version-Mapping of COGS and COGM GL Account
Both are expense GL's not revenue |
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