Exceltemplates.org – When you are conducting a sales business, you’re going to need to keep track on every goods that your company sells over some periods of time. By doing so, you will be able to determine the total profit that could be gained by your company. And since every inventory or goods has its cost, calculating the cost of good that was sold by the company is the key to determining the company’s profit. And all of those stuffs above could be calculated by using the Cost of Goods Sold or CoGS calculator. You can make them through excel and apply them to your daily business.
CoGs Calculator is an excel template which can assist you to calculate the overall cost of inventory that was sold by one’s company. There are three different CoGS calculator or the calculating method that are usually used by professional accountant. The first one is the FIFO reporting method which assumes that the first good purchased is the first to be sold. While the FILO reporting method is using the most recent items to be purchased by the company. And the recent items or goods that were purchased will be the first goods to be sold.
Using the CoGS calculator is rather complicated and intricate but nonetheless doable and effective. The first thing you need to do is to fill out the summary of the data including company name, month period, beginning inventory, beginning price of the inventory and sold unit. Ending inventory will be calculated automatically. Next, fill out the Date column with the weekly period of selling and also the overall products sold at that week under the PO# column. Fill out the name of the goods along with the price and the sold items. And lastly, fill sold quantity and its unit price. You will see your item CoGS calculated in blue cells automatically based on 3 methods, Average, FIFO (First In First Out), and LIFO (Last In First Out) methods.
Using Microsoft Excel to simplify your spreadsheet tasks is not as difficult as you think. I learned how to use it in less than 24 hours and rely on internet to find the solution if I got stuck. I am not an Excel expert, but here are all useful spreadsheets I have collected and created.
