Cost of Goods Manufactured (COGM)

Рет қаралды 183,538

10 жыл бұрын

This video explains the concept of Cost of Goods Manufactured (COGM). The video also provides an example Schedule of Cost of Goods Manufactured to show how to compute COGM.
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Пікірлер: 64

@user-kx4dt5dh7u 4 сағат бұрын

7 years later this video has improved the lives of so many! the explanations online are TERRIBLE and you explained so SIMPLY AND SO EASILY!!!

@125MDxx 7 жыл бұрын

9 hours of explanations in class were incapable of doing what you did in just over six minutes. Thank You So Much!

@kayleenguyen7330 5 жыл бұрын

I agree! my professor was teaching my class a different way and made everything so confusing. so thankful for youtube tutorials!

@ahmadshahhussainnejati9752 5 жыл бұрын

Awasome

@justinetagal6997 2 жыл бұрын

Same bro.

@user-id3uu8ns2z 8 жыл бұрын

the best COGM introduction vedio I have ever seen.

@Edspira 8 жыл бұрын

+黄事超 Thank you!

@charliewang2u 2 жыл бұрын

It took me a moment to realize the TMC here is also referred as product costs from my managerial accounting class, which is the same adding total of RM, DL, and O/H. Thank you so much for your explainition.

@Edspira 2 жыл бұрын

😀

@r3freshing 4 жыл бұрын

This helped clarify such a confusing concept for me! I feel so much more prepared for my exam. Thank you for everything you do!

@jiyoungyun7494 7 жыл бұрын

I really wonder why my lecturer couldn't have explained like this , so succinct, and easy to understand

@barnabasretta1600 2 жыл бұрын

I too was asking my self this question for a while

@joanl.7543 3 жыл бұрын

I appreciate the small, simple numbers. Not realistic, but much more helpful as you try to understand the example!

@banaalchahwan8419 5 жыл бұрын

you are the best one it's only 6min explanation ,, thank you

@camilledavy4807 6 жыл бұрын

Thank you..provides a lot of clarity for me

@chelseadavis8368 6 жыл бұрын

I can't thank you enough for this video and all the videos you make! Thanks a million!

@Edspira 6 жыл бұрын

Happy to help. Thanks for watching!

@Drfresh1402 4 жыл бұрын

Most helpful presentation on this topic.

@KaylaNae84 4 жыл бұрын

Literally about to fail Accounting II, after my first professor retired. I finished with over 100% in his class. This was very helpful! Tysm! 😭😭

@paolorossi8470 4 ай бұрын

So, have you passed it?

@KaylaNae84 3 ай бұрын

Yea, I passed lol

@paolorossi8470 3 ай бұрын

@@KaylaNae84 Congrats! So, you are an accountant now?

@kalpachamika 3 жыл бұрын

This is incredible .Thank You!

@carmenzaragoza5896 8 жыл бұрын

THANK YOU!! Now I understand!

@MyFinancialFocus 2 жыл бұрын

Nice explanation!

@jesusneverexisted300 10 жыл бұрын

Great job!

@jarizminrivera5999 8 жыл бұрын

Thank you!

@enlilmayfield2046 6 жыл бұрын

Love the vid. But how do you calculate Beg. Raw Materials inventory if it's not given to you. Thanks in advance.

@AbdulQadir-gf5nv 2 жыл бұрын

NO match the way u explain the concept and deliver the same in very amazing manner ! Keep up such noble work 👍🏼

@Edspira 2 жыл бұрын

Thank you my friend!

@josephalim 4 жыл бұрын

Thank God for you.

@timurmehmet2095 5 жыл бұрын

I do not have the ending work in process figure, just the beginning work in process and finished goods. How would i calculate the ending work in process in order to calculate the cost of goods manufactured? Thank you, great video and explanation.

@tusharpant3137 Жыл бұрын

Nice explanation ❤️

@brunnacoimbra2519 7 жыл бұрын

Thank you very much for this videos !!

@Edspira 7 жыл бұрын

No problem!

@poochkane 6 жыл бұрын

Incredibly well done

@Edspira 6 жыл бұрын

Thanks!

@daricnd 8 жыл бұрын

thank you

@stepbisimwa8141 6 жыл бұрын

great job man. great job

@Edspira 6 жыл бұрын

Thanks Step Bisimwa!

@gheedkhouly1326 6 жыл бұрын

very helpful !

@mikael488 4 жыл бұрын

THANKS!

@mmmm-vm8qu 6 жыл бұрын

you are good teacher thank you very much

@Edspira 6 жыл бұрын

No problem. Thanks for watching!

@5aizal 8 жыл бұрын

thnk you

@bhavindhokia908 4 жыл бұрын

Is direct material used and raw material the same

@tess2049 3 жыл бұрын

tysmmmm

@misbahzaheer 4 жыл бұрын

easiest video ................ thank you

@ajmalazees4140 3 ай бұрын

❤

@lukasrokenheptol3889 5 жыл бұрын

How can I calculate this problem? Inventories January 1, 20X6 December 31, 20X7 Direct materials € 30,000 € 20,000 Work in progress 30,000 25,000 Finished goods 28,000 35,000 Additional information for 20X6: Direct materials purchased € 110,000 Direct manufacturing labour payroll 90,000 Direct manufacturing labour rate per hour 10 Factory overhead rate per direct manufacturing labour-hour 7 For 20X6, what was the cost of goods manufactured? 1) € 35,000 2) €268,000 3) €273,000 4) €278,000

@yoshinegus4019 8 жыл бұрын

wow i used to just know about COGS but now I know that: beg WIP +DM USED +DL +OH -end WIP = COGM!!!!!!!!

@JAFFER3657 7 жыл бұрын

Actually it is (Format) +DM Used +DL +Direct Expenses +FOH/MOH/OH =COGM +WIP BEG -WIP END =Total Cost Of Goods Manufactured +FG BEG +COGM -FG END =Cost Of Goods Sold :D

@GravitySk8boards 6 жыл бұрын

How do you calculate the direct labor?

@Edspira 6 жыл бұрын

In reality, you'd look at how many hours an employee worked on the product and multiply by the employee's hourly rate. If multiple people worked on the product, then you'd have to sum up the costs for each employee. This is why it is so important in job order costing to track all costs for making the product on a ticket. In this example, $75 of direct labor was simply stated in the problem and not calculated.

@maxdread3230 3 жыл бұрын

Thank You.Yup! You got the cat by its tail.

@Edspira 3 жыл бұрын

lol, love it!

@tuffybaxton6162 8 жыл бұрын

can you help me with some homework? I'm stuck on a problem.

@Edspira 8 жыл бұрын

Sorry- I'm in the middle of teaching a summer course and haven't had much time to help students with homework. My apologies! I hope you are doing well in your course. Best wishes