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  2. Cost of goods sold - Wikipedia

    en.wikipedia.org/wiki/Cost_of_goods_sold

    Cost of goods sold (COGS) is the carrying value of goods sold during a particular period. Costs are associated with particular goods using one of the several formulas, including specific identification, first-in first-out (FIFO), or average cost. Costs include all costs of purchase, costs of conversion and other costs that are incurred in ...

  3. Days in inventory - Wikipedia

    en.wikipedia.org/wiki/Days_in_inventory

    where DII is days in inventory and COGS is cost of goods sold. The average inventory is the average of inventory levels at the beginning and end of an accounting period, and COGS/day is calculated by dividing the total cost of goods sold per year by the number of days in the accounting period, generally 365 days. [3]

  4. Inventory turnover - Wikipedia

    en.wikipedia.org/wiki/Inventory_turnover

    It is calculated to see if a business has an excessive inventory in comparison to its sales level. The equation for inventory turnover equals the cost of goods sold divided by the average inventory. Inventory turnover is also known as inventory turns, merchandise turnover, stockturn, stock turns, turns, and stock turnover.

  5. Inventory - Wikipedia

    en.wikipedia.org/wiki/Inventory

    Inventory Turn is a financial accounting tool for evaluating inventory and it is not necessarily a management tool. Inventory management should be forward looking. The methodology applied is based on historical cost of goods sold. The ratio may not be able to reflect the usability of future production demand, as well as customer demand.

  6. FIFO and LIFO accounting - Wikipedia

    en.wikipedia.org/wiki/FIFO_and_LIFO_accounting

    FIFO will have a higher ending inventory value and lower cost of goods sold (COGS) compared to LIFO in a period of rising prices. Therefore, under these circumstances, FIFO would produce a higher gross profit and, similarly, a higher income tax expense.

  7. Cost of goods available for sale - Wikipedia

    en.wikipedia.org/wiki/Cost_of_Goods_Available...

    Cost of goods available for sale is the maximum amount of goods, or inventory, that a company can possibly sell during an accounting period.It has the formula: [1] Beginning Inventory (at the start of accounting period) + purchases (within the accounting period) + Production (within the accounting period) = cost of goods available for sale

  8. Manufacturing cost - Wikipedia

    en.wikipedia.org/wiki/Manufacturing_cost

    Manufacturing cost is the sum of costs of all resources consumed in the process of making a product. The manufacturing cost is classified into three categories: direct materials cost , direct labor cost and manufacturing overhead . [ 1 ]

  9. Standard cost accounting - Wikipedia

    en.wikipedia.org/wiki/Standard_cost_accounting

    Traditional standard costing (TSC), used in cost accounting, dates back to the 1920s and is a central method in management accounting practiced today because it is used for financial statement reporting for the valuation of an income statement and balance sheets line items such as the cost of goods sold (COGS) and inventory valuation.