https://www.taxtmi.com/forum/issue?id=107359 Cost of goods sold (COGS) is the aggregate of direct labor, materials, and overhead incurred to produce goods or services sold and is subtracted from revenue to obtain gross margin. Under a periodic system COGS = beginning inventory + purchases - ending inventory (also reflecting scrap, obsolescence, theft); under a perpetual system COGS is recorded continuously and, with cycle counting, tends to be more accurate. Inventory costing methods (FIFO versus LIFO) affect the cost charged to COGS, and COGS may be misstated by manipulating bills of materials, counts, cutoffs, or overhead allocations. en-us Thu, 18 Sep 2014 18:18:24 +0530 Thu, 23 Jan 2025 15:57:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/forum/issue?id=107359 Cost of goods sold (COGS) is the aggregate of direct labor, materials, and overhead incurred to produce goods or services sold and is subtracted from revenue to obtain gross margin. Under a periodic system COGS = beginning inventory + purchases - ending inventory (also reflecting scrap, obsolescence, theft); under a perpetual system COGS is recorded continuously and, with cycle counting, tends to be more accurate. Inventory costing methods (FIFO versus LIFO) affect the cost charged to COGS, and COGS may be misstated by manipulating bills of materials, counts, cutoffs, or overhead allocations. Discussion-Forum Companies Law Thu, 18 Sep 2014 18:18:24 +0530 https://www.taxtmi.com/forum/issue?id=107359