This cost of goods manufactured (COGS) template lays out a schedule of COGM using the amount of direct materials, direct labor, manufacturing overhead, and work in process inventory.
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Cost of Goods Manufactured (COGM) is a term used in managerial accounting that refers to a schedule or statement that shows the total production costs for the company during a specific period of time. COGM is the total cost incurred to manufacture products and transfer them into finished goods inventory for actual retail.
The formula to calculate the COGM is:
COGM = Direct Materials Used + Direct Labor Used + Manufacturing Overhead + Beginning Work in Process (WIP) Inventory – Ending Work in Process (WIP) Inventory
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