Statement of Cost of Goods Manufactured (COGM) vs COGS
Discuss the Statement of Cost of Goods Manufactured (COGM) in relation to COGS and the income statement. What specifically does the statement of COGM reflect? Which accounts, and what type of accounts are they (assets, expenses, liabilities, etc)? What goes into each account? Provide an example. Solution Preview
COGM tracks the cost of producing the inventory. COGS tracks the cost of items that were sold. So, COGM is the information needed to substantiate what increases finished goods. COGS explains what decreases finished goods.
COGM is a computations based …
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