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“Everyone hi welcome to the channel nof wallstreetmojo watch the video till the end. And and if you are new to this nchannel. Then you can subscribe us by clicking bell icon friends today. We nare going to learn tutor on cost of goods sold nnow.
When you heard the cost of goods sold there s two things that comes in nmind net profit or the gross profit and the nsales so once you deduct when you have your net sales. And when you deduct your ncost of goods sold you get gross profit as you have a nexample over here this is one template. Which shows you how the profit and loss naccount. Things work and how cost of sales are the cost of goods sold has nbeen recorded.
So let s begin cost of goods sold is the cost that directly nrelates to the production of the goods and sold in the company. So in other nwords cogs is accumulation of the direct cost. Remember one thing that went ninto the goods sold by your company. So this amount includes the cost of any nmaterials that have been used in the production of goods and also it includes nthe direct labor cost used to produce.
The said well so it s not only the ndirect cost. But it also includes the direct labor. Now labor costs includes nthe direct labor as well as the indirect labor. So the cost of materials.
Which the nnext thing. The direct costs cost of material. See you can say dm includes. The ndirect cost like raw materials as well as like.
Supplies indirect. Materials the nnon incidental amounts of these supplies are maintainedthe taxpayers must keep ninventories of the supplies for the income tax purposes. Charging them to nexpenses. A good sold or used rather than has purchased direct labor cost are the wages that have been paid to those employees who spend all the time working directly on nthe product being manufactured so in direct labor cost are based the wages npaid to other factory employees involved in the production process.
So nthe cost of payroll. Which is the next thing cost of npayroll taxes and fringe benefits are generally included in the direct labor ncost. But may be treated as overhead cost. Which is known oh it excludes any nindirect expenses.
So this thing should not be a part of it indirect expenses nsuch as like sales cost of marketing in the cost of goods sold nincome statement presentation. The goods sold is basically subtracted from the nnet revenues to arrived at the gross margin of the business. That s what we nsaw over here the net sales and we deduct cost of sales which by the end nresult. We receive as gross profit.
Now in the service industry. This include a npayroll cost okay they include payroll cost labor charges benefits for the nemployees. Who are directly involved in providing these services. So any cost nthat is associated with indirect expenses are excluded from the cogs nsuch.
As like you know you can see marketing expenses overhead and shipping fees like for example of the cost of sales for laptop. The makers would ninclude cost of material that is required for the nparts of the laptop plus. The labor cost used to assemble the parts of the nlabor laptop together so the cost of spending. The laptop to dealers in the ncost of labour in incurred to sell the laptop would be excluded also the cost nincurred on the laptop that are in stock remember this thing during the year will nnot be included when calculate the cost of goods sold nwhether.
The cost a direct or indirect. So in other words. You can see this includes nthe direct cost of the producing goods or services. That are sold to the ncustomers now let s learn the next thing that is impact on cogs that is nimpact on the cost of goods sold.
See you can see the cost of goods sold can be ncan. Also be impacted by the type of the costing. Methodology or the method. That nhas been used to derive the cost of ending inventory.
So there are one nof the three methods for recording the cost of sales inventory during the nperiod. One is called the fifo method first in first out. Then is lifo that is nlast in first out. And there is an average cost method.
Which is called as nweighted average method. Which is called ram. So let s consider the impact for the nfirst. One first in first out under this method known as nfifo.
The first unit added to the cost of the goods. Sold inventory is assumed to nbe the first one used thus in inflationary condition environment. Where nthe prices are increasing. You can see that this trend to result lower cost of ngoods sold so the cost of goods sold will go down or.
It will be in a lower nhand being charged to the cost of goods sold..
The next is lifo under this method is known as last in first out lifo right nto. The cost of goods. Sold inventory is assumed to be the first one used thus in ninflationary environment. Where you can see the prices are going down right.
When the prices are increasing this tends to result in nhigher cost of goods sold. See you can see the opposite of impact right the next nis weighted average method or known as average cost method. The average cost is ncalculated by dividing the total cost of the goods ready for the sale by the ntotal number of units that are ready for sale this gives a weighted average unit ncost that is applied to the units available in the closing inventory at nthe end of the period. So let s understand the next thing.
That is how to ncalculate the cost of goods sold how this thing is calculated well in order nfor. How to calculate the cost of goods. Sold nwe must be familiar with the very first three familiar with the three terms nthe first is beginning inventory. Okay this is basically the total cost of nevery product in your inventory at the start.
This should be nexactly the same as your ending inventory from the last. Year second nthat s the second term is the additional inventory rightthis is the total cost. Nof the good sold inventory that you have purchased during the. Yearthe third is nyour ending inventory when you talk about any ending inventory.
This is the ntotal cost of the goods sold inventory at the end of the year. So the formula ngoes something like this the beginning that is the first as you ncan see over here plus. Any addition that is a second is equal to when you do one nplus two you will get the amount as what is the amount that we sold what we sold nand. When you are add in this the ending that is what we end up with you get ntherefore that is the cost of goods.
So it s like the beginning inventory. Plus. Nyou do the addition to the inventory. Less the ending inventory you get your ncost of goods sold.
So. Beginning inventory. Plus. Addition less ending.
That ngives you your cost of goods. Sold. That s the formula for cogs nnow. Let s understand this whole thing with the help of an example ninventory let s say it recorded at the beginning of the fiscal year.
Let s say nin 2017 is 2000. So this is inventory at big. The additional inventory that is add inventory purchase during the fiscal nyear during 17. And 18.
Let s say is 1500 and the ending inventory recorded at the nend of the fiscal. Year. 2018 let s is. 1000 so this should be really very.
Nsimplelet s say calculate the cost of the goods sold so as for the cost of the nsales formula cost of goods sold cogs should be really very simple over nhere. So that is nothing. It s a beginning plus addition and you deduct the. Ending nyou get your cost of.
Goods sold which is your. 2500. Therefore. 2500.
Is the cost of the good sold now calculate the cost of the sales nvaries depending on whether the business is retail wholesale nmanufacturing or service business. So if you talk about retail and wholesale ncalculate you can say the cost of sales during the reporting period. Involves the nbeginning and the ending inventories. This of course includes the purchase made nduring the reporting period.
But when we talk about manufacturing. It involves nfinished goods. Very important inventory plus you need to you have raw materials ninventories. Raw material inventories goods in process inventory.
Direct labour s nand direct factory overhead cost so in this case of service business. The nrevenue is being derived from the activities of the individuals rather nthan the sale of the product and hence calculating the cost of goods sold is nsmaller tasks you can say due to the lower low level of use of the material nrequired to earn the income let s understand the next thing in this nparticular tutorial. What is the importance of cogs now these cogs is nimportant component of the financial statement. It is deducted from the ncompany s revenue.
Which we saw the very initial inception stage to arrive with ngross profit..
So the cross profit is a measure that evaluates how effectively nthe company is managing its operating cost in the production process. So cost nof goods. Sold used by analysts. Investors managers to focus the company s gross nprofit.
You can say so if your cogs if the cost of goods soon if this nparticular thing increases your gp that is the gross profit will decrease and nthe vice versa will go about do and your plus area. This vice versa ncase. So business is therefore will be able to keep their cost of goods sold nlow. So that their net profit will be higher.
Sometimes they do it for the nwindow dressing cost of goods sold may be used ninternally to measure. The company s success and to determine when nthe prices on the particular product needs to be increased. So the good sold ncan be also be used to set profit margins as the basis of your products. Nprices.
Let s understand the next thing is what is the limitation of cogs this nis easily be adjusted by allocating the to the inventory higher manufacturing ncost. Then was actually incurred so adjusting the amount of the inventory in nclosing stock at the end of the accounting period will lead to over nvaluing you can see our valuing inventory in stock falling to write off noutdated inventory and extra when the cost of sales inventory. Is purposely ninflated cost of goods sold will be reduced. Which in turn will lead to nhigher actual gross profit margin and hence inflated net income if you have nlearned and you know liked the video.
If you think that you know if you have nenjoyed and learned watching this video. Please like comment on this video and nsubscribe to our channel for all the n record in the last n20 years our commitment to student success is attracting ntop students to our campuses. We were proud to welcome our best academically nprepared class of first year students for the second year in a row and this year our student athletes were recognized nwith the mid american conference institutional academic achievement award for earning a school record noverall gpa of 3277. It was the second straight year and sixth nof.
The last eight that we won the award. One soon to be graduate has already interned nat. Two of the world s leading tech companies. Google and adobe and will head to microsoft nafter graduation.
She is using her problem solving skills to nhelp others and increase diversity in her field. I m sure you ll be as impressed by her nas. I am i didn t really know what i wanted to do with nmy life. I discovered it once i got to toledo actually nand that s kind of when i discovered that i really enjoy programming.
So that s when ni decided to switch my major to it take all the programming classes get involved with nhackathons and then the rest is history. So i actually founded the women s chapter nof. The association for computing machinery and it is one of the most active organizations non the college of engineering women are very very underrepresented in computer nscience. We make up less than twenty percent of the overall population of cs members and nnow because of all the work that we did with acmw not only do they know that these nopportunities are out there for them.
But they have the passion and the courage to reach nfor them i see a lot of students will self select themselves nout of the applicant pool. I was selected for the google women techmaker nscholarship in 2018 and from that applicant pool too there were students from a lot of ndifferent competitive universities. I get shocked when i m looking at all the nstudents from harvard stanford yale. And just seeing my name up there and seeing ut with google research.
You have to get nominated nby your department through that they pick 37 students and basically nthey match you with a mentor at google. So through that program. I have already published na paper at acm s chi conference in hawaii. So i think that the first authored paper nhas definitely helped me to get into my first choice phd program.
After that i m still working on another project basically i m studying gender bias in politics nand just kind of looking at how the landscape might have changed for female politicians for adobe. I applied to the adobe women in ntech scholarship and i was one of the nine that were selected and adobe takes in a very nvery. Small group of undergraduate students for research basically. I got to work on a project that nhelps blind people generate summaries of newspaper articles and wikipedia.
Articles that s kind of when i discovered my passion nfor developing assistive technologies for disabled people. I m hoping with all of these diversity initiatives. Nwe can move toward a society. Where computer science is not just viewed as something for nmen and a lot of people from different backgrounds can see themselves as programmers or computer nscience researchers.
I would really like to see the field that ni m in become more diverse and more open to different perspectives. So i m doing all that ni can to make that happen each of our students has a great story to ntell. Emma sampson is a great example of a student athlete nwho is demonstrating leadership in both her academic and athletic pursuits. A mechanical engineering junior and swimmer nshe was one of two student athletes chosen to represent the mid american conference at nthis year s ncaa leadership forum.
The forum was unfortunately canceled. But nwe re proud of her selection for this important role the arts and sciences collaborated on an important nproject this year to design a medical device for a professional actor s wheelchair to nimprove his expressiveness and range of motion on stage together with dr. Matt foss and dr. Brian ntrease.
Students in theatre and engineering. Created a device that costs only 65 to duplicate nand. A new group of students is now working to bring their prototype to market second year law student. Damon williams recently nmade history.
When he was selected to be the next leader of the university of toledo law..
Nreview. He is the first african american student to nhold the prestigious and highly competitive position of editor in chief in the publication s n52 year history not even a global pandemic could stop us from ncelebrating. The achievements of our fourth year medical students this year s virtual match day honored 167 nmembers of the utoledo 2020 class the number of students matching with our own college nof medicine and life sciences residency programs increased 30 over 2019 and the total number nof students staying in northwest ohio increased nearly 50 . These numbers show that we are providing our nregion with well trained well qualified.
Physicians. The results wouldn t be possible without nour academic affiliation with promedica together. We are fulfilling our mission to educate medical nstudents and advance life saving knowledge through research. We re all disappointed not to have spring nsports this year to cheer for our talented student athletes.
But i did want to take this nopportunity to congratulate utoledo senior petronela simiuc for being named most outstanding nfemale track performer by the mid american conference. She earned the mac title in the 800 meters nmile and distance medley relay at the mac indoor championships. She was also named first team all mac in each nof the events and broke utoledo s indoor 800 meter record and i d also like to thank everyone in the nrocket community for helping us lead. The mac in home football attendance for the third nstraight year.
We appreciate you bringing your spirit to nthe glass bowl in 2019 and look forward to seeing you there again in just a few months even though we re not on campus. Right now nthe. Important research work of our faculty continues as we apply for grants test theories nand publish papers. Our researchers are leaders in their fields n.
Facing the world s most urgent problems head on with a cross disciplinary approach nand innovative solutions in. Just the first six months of this. Year nwe received 322. Million in competitive research awards.
An increase of nearly 24 over this ntime last year this. Year our campus was chosen by the us. Ndepartment of energy to host a national lab day the two day event last october brought together nrepresentatives from the 17 department of energy national labs. And more than 450 researchers nexploring the critical scientific challenges of our time.
Including renewable technologies. Nastrophysics water management and materials manufacturing. While it was exciting to host more importantly nthe event opened doors to promising new partnerships with oak ridge national lab on automotive nresearch with idaho national lab. To repurpose nuclear.
Reactors for hydrogen production. Nand. With others. As well dr.
Michael weintraub. Is working on a major ninitiative called the terrestrial aquatic interface led by pacific northwest national nlaboratory. Let s learn more nwe are uniquely positioned to study the connections between the land and the lake. The maumee river is the biggest watershed nfeeding.
The great lakes. Which is collectively the world s biggest freshwater system biggest watershed. Feeding the biggest freshwater nsystem in the world you can bet that this is a really important spot. We have a lot of fertilizer and other agricultural nrunoff that influences lake erie causes harmful algal blooms the famous toledo water crisis nof august 2014.
There s this really dynamic exchange of materials nacross this interface from the land into the lake the so called terrestrial aquatic interface we re seeing attention on this at the national nscale myself and others at the university of toledo nare in the process of developing collaborations with the national lab system. Which is governed nby. The department of energy to expand our studies of natural processes and human impacts nacross this so called land lake or terrestrial aquatic interface. And we re in the process nof developing a joint proposal with the national lab for funding by the department of energy nthat would free resources from outside to help us understand some of the issues that nare driving water quality impacts in the western basin of lake erie and beyond and would also nprovide opportunities for ut researchers to collaborate at the national labs.
It would be a large scale. Exciting new initiative nthat would be on par with some of the biggest research initiatives that are ongoing at ut. We are continuing utoledo s expertise in ncreating. The next generation of solar technologies.
One of the largest grants awarded this year nwent. To dr randy ellingson and his team the. 74 million award from the us air force nsupports work to enhance the reliability and efficiency of lightweight solar power to improve nthe safety and effectiveness of department of defense missions and utoledo physicists. Have had great success ndrawing record levels of power from the same amount of sunlight using a breakthrough.
Technique dr yanfa yan is currently leading. 57 million nin projects with the us department of energy that collaborate with the national renewable nenergy laboratory and first solar in a field where every fraction counts his nefforts have increased the efficiency of the new solar cell to about 23 compared to nthe. 18 currently available on the market. A new book by a utoledo law professor is timely nin a presidential election year in his book.
Lee strang provides an argument for how americans nshould interpret the constitution in times like these the efforts of our researchers. Nworking to protect. Public health are. Critical.
Sucheck and. Dr katherine wall nare collaborating on a 23. Million nih funded project to create a synthetic vaccine against na deadly antibiotic resistant bacterial infection and our faculty are serving as mentors to naspiring scholars like alexx rayk. A public health major and honors college student alexx s work with immunologist.
Dr. Heather nconti has contributed extensively to research on campus and in the pages of academic journals alexx has also published research on wealth ninequality and its effects on healthcare. With dr. Timothy jordan and congratulations to dr.
Amanda bryant friedrich nprofessor of medicinal and biological chemistry. And dean of the college of graduate studies. Nwho is among the 443 scientists to be newly elected fellows of the american association nfor the advancement of sciences. The world s largest general scientific society six current and former utoledo faculty members nhave now been elected aaas fellows your university of toledo continues to play nan important role in our community research.
This year into the economic impact nof. The opioid epidemic in northwest ohio and poverty in toledo will help shape the responses nneeded to address these issues our human trafficking and social justice institute npartnered this year with the lucas county sheriff s office to launch the runaway project nwhich helps prevent our young people from becoming victims of trafficking and drug addiction. Utoledo. Also embraces our role to be a source nof expertise beyond our campus and city borders during this coronavirus outbreak.
Our faculty nhave served as community leaders sharing their knowledge with our local and national nmedia outlets from our infectious disease experts. Helping us to prevent exposure to nmental health. Leaders providing tips to better cope with this challenging situation to business nfaculty. Offering leadership advice in times of crisis college of medicine and life sciences infectious.
Ndisease expert. Dr. Jennifer hanrahan has been featured in a number of publications and in na university produced video that was viewed by more than 11000. People.
While i ve focused today on our faculty nstaff and students. I also want to recognize our global community of dedicated alumni ndonors and supporters whose generosity helps power our mission in fiscal. 2020 so far more than 8000. People nhave made financial contributions to the university of toledo and thanks to their support more than 11500.
Nhard working students have received scholarships this academic year during this pandemic. Many of those students ncannot work on campus or are unable to return to their home countries to help these students in need we are raising nsupport for the rocket to rocket student emergency fund. I hope those of you who are able will join nme in making a gift of 5. 10 or more toward our goal of 75000.
To help students with nhousing utilities. Medical bills and other critical needs. These may be challenging times. But we re nin this together thank you for all you ve done and continue nto do for the university of toledo.
I am. So proud of how you ve stepped up as nstudents as faculty staff alumni and community members to not only ensure that our academic nmission continues forward. But also realizing that our collective sacrifices are for the ngreater good of our region. We are providing real time solutions to this ncrisis.
The university of toledo medical center. For nexample was the first laboratory in northwest ohio to facilitate testing for covid 19. This service helped to reduce waiting periods. Nand prioritize testing for high risk patients first responders and healthcare providers in fact two of our team members in the hospital s npathology department collaborated to develop the method needed to do this testing.
Thank you to molecular specialist. Dr. Ji youn. Nyeo and lead technologist.
Heather kvale. I m proud to say yeo is a utoledo graduate nand worked as a post doc in the college of medicine and life sciences. Additionally faculty and staff from the college nof medicine and life sciences worked to create the needed viral transport media a key material nfor testing that is in short supply across the country and head football coach. Jason candle.
Recently ndonated food to toledo s first responders and our medical students started a local chapter nof masks for docs to get safety gear to local hospitals. There are so many stories like this showing nexactly. The kind of rocket spirit that has brought us this far and will propel us into nthe future leadership starts with each of us. It s your efforts especially in this ntime of uncertainty that show the world who we are and what we re capable of i am so grateful for everything you are doing thanks to you our rocket family will get nthrough this coronavirus challenge.
Together. I can t wait to join you all back on campus n. Again enjoying our favorite traditions and creating new ones as soon as we re nable. ” .
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