sam boyer acc 290 week 7

# sam boyer acc 290 week 7 - Running head COST OF GOODS 1...

• Essay
• 3

This preview shows pages 1–3. Sign up to view the full content.

Running head: COST OF GOODS 1 Cost of Goods Samatha Boyer Acc/290 11/13/2014 Karen Evans

This preview has intentionally blurred sections. Sign up to view the full version.

COST OF GOODS 2 Cost of Goods Before I go into how to find the cost of goods sold, I want to first explain what cost of goods is to allow a better understanding of what the steps are in calculating the cost of goods. Also what items are included in the cost of goods calculations. The cost of goods is the direct cost which would be related to the production of selling goods combined with the inventory needed to sell goods to customers. There are a few items which makes up the cost of goods sold inventory. These items include the materials, equipment, and the labor which is put forth to create the goods. (Kimmel) When calculating the cost of goods, I would first start out with calculating all of the
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: inventory I have in stock. This includes anything on the shelves for customers to buy and also anything I may have in the back room, also can be known as back stock. Next I would add in the total cost of all of the purchases I have made. This would include the totals of all outside venders including the weekly truck which brings in the product for the shelves. Finally I would then subtract the inventory I had left at the end of the period. Doing this would give me the total of what my cost of goods is going to be. (Kimmel) COST OF GOODS 3 References Kimmel, P. D., Weygandt, J. J., & Kieso, D. E. (2011). Financial accounting: Tools for business decision making (6th ed.). Hoboken, NJ: John Wiley & Sons....
View Full Document

{[ snackBarMessage ]}

### What students are saying

• As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

Kiran Temple University Fox School of Business ‘17, Course Hero Intern

• I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

Dana University of Pennsylvania ‘17, Course Hero Intern

• The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

Jill Tulane University ‘16, Course Hero Intern