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Last updated 12:18 AM on 9/3/26
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4 Terms
1
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Cost of Materials Used
= Beginning Materials Inventory + Purchases of Materials - Ending Materials Inventory
2
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Cost of Goods Manufactured (COGM)
= Beginning WIP Inventory + Cost of Materials Used + Direct Labor + Manufacturing Overhead - Ending WIP Inventory
3
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Cost of Goods Sold (COGS)
= Beginning Finished Goods Inventory + COGM - Ending Finished Goods Inventory
4
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THE BIG IDEA (memorize this first)
Beginning Balance + Stuff Added In - Ending Balance = Stuff That Left