COGS - ACIS 2115, Virginia Tech

in Topic 5 (Video 6 of 11)

6 minutes

How can we figure out COGS under the periodic inventory system? By making up a formula, of course.

This Video Mentioned Some Formulas

Beginning Inventory

+ Net Purchases

– Ending Inventory

COGS

Beginning Inventory

+ Net Purchases

– COGS

Ending Inventory

Sales Revenue

– Sales Returns and Allowances

– Sales Discounts

Net Sales

Purchases

– Purchase Returns and Allowances

– Purchase Discounts

Net Purchases

+ Transportation In

Cost of Goods Purchased

1	COGS and Inventory	2:57
2	Net Sales	10:03
3	Perpetual vs Periodic	7:10
4	FOB Shipping?	8:51
5	Transportation In	8:41
6	COGS You are here.	6:18
7	Drawbacks to Periodic	6:07
8	Specific Identification	2:17
9	Weighted Average	4:21
10	FIFO and LIFO	20:17
11	Estimating with Gross Profit	7:23

	Click Here to View All Topic 5 Problems at Once	View
1	Consignment Inventory	Easy
2	FOB Destination	Easy
3	Inventory Set Aside	Easy
4	Loss On Inventory	Easy
5	FOB Shipping	Moderate
6	FOB Shipping	Moderate
7	Inventory Costing	Moderate
8	The Effect of Inventory Errors	Hard