- Direct materials used in production
- Total manufacturing costs
- Cost of goods manufactured for the year
- Cost of goods sold
This information is based on a series of inputs taken from your finances, such as:
- Raw materials inventory
- Purchases of raw materials
- WIP inventories
This model uses the following formula to calculate the cost of goods manufactured:
COGM = Direct Materials Used + Direct Labor Used + Manufacturing Overhead + Beginning Work in Process Inventory - Ending Work in Process Inventory
Screenshot from the template.
As such, this model is really quick and simple to use, but will provide you with essential financial information for your business. The cost of goods sold calculator and formula will help you to gain an understanding of your business' outgoings in comparison to its revenues. Use this Cost of Goods Manufactured Excel Model Template to schedule the cost of good manufactured for your business!