Consider what follows: Underapplied overhead of $3,000, beginning completed goods inventory of $6,000, ending finished goods inventory of $14,000, and adjusted cost of goods sold of $53,000. The price of producing the goods will be $57,600.
The phrase "cost of goods sold" refers to the direct costs a business incurs in producing the products it sells. The cost of the supplies and labour utilised directly to make the item is also included in this total. It doesn't include indirect expenses like those related to the sales team and distribution.
The COGS category includes costs that vary depending on how much product is produced, such as labour and raw materials. Indirect expenses that the business must cover whether or not there is production are not included. Gross profit, a metric of profitability, assesses how effectively a business manages its labour and resources throughout the production process.
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