Download Cost Of Goods Manufactured Schedule Template In Excel

Schedule of Cost of Goods Manufactured (CoGM) Report template is an Excel spreadsheet to calculate cost of production of products within particular time period. This report is a part of accounting system to calculate all direct and indirect expenses within a factory where its result will be used as reference to define Cost of Goods Sold (CoGS) for finished products in particular company.

Calculate Cost of Goods Manufactured

You may not need this if you are just buying and selling products without any changes since you can set Cost of Goods Manufactured Schedule similar with your purchasing price. Moreover, Factories or manufacturers, usually those who have brands, are companies that should calculate it carefully. Because, they need to produce competitive products that will compete in open market. So It’s their manufacturing cost which are already high, and quality are similar with others, how can they compete? Especially if they also need to promote them massively that require big cost gap between CoGM and CoGS.

Schedule of Cost of Goods Manufactured

Thus, To understand how this spreadsheet works, you need to understand all components in this manufacturing cost. Those components are :

  • Direct or raw material. For example, if your company produces bread, cookies, etc, then flours and sugar are raw materials.
  • Direct Labor. Employees who work to produce those foods are classified as direct labors.
  • Factory Overhead. Cost other than direct material and labor.
    • Indirect material. Putting cups and plastic bags in this category.
    • Indirect Labor. Supervisor who supervise employees who can produce those bread and cookies belong to this classification.
    • Other. Machines depreciation, water and electricity bills are other expenses.

Different company can create different report or category on those factory overhead. But, basic concept is similar. Thus, You can see those three big parts in this spreadsheet. How to calculate it is as follows. Cost of goods manufactured formula

Direct Material

– Beginning of raw material inventory : Value of raw materials in the beginning of accounting period
– Purchase of raw material inventory : Purchase made during accounting period
– Ending raw material inventory : Value of raw materials at the end of accounting period

Beginning + Purchase – Ending = Materials in Process or it is commonly called Work in Progress Inventory

Direct Labor

– Salary and wages of all employees who work in production

Factory Overhead

– It covers anything that related with production directly.

Therefore, Sum of those will yield manufacturing cost. To find CoGM, you need to find value of materials in production. So, It should be current Work in Progress material + manufacturing cost. Thus, To calculate Work in Progress inventory, use similar calculation with Raw Material inventory above.

As you can see in screenshot above, CoGM at the bottom, or the final calculation, is a main component to calculate CoGS. Then, you can calculate the price you want to sell in the market. It will require additional expenses information, profit and break even target to sell at salable price. And do not forget to put your competitor price as part of your consideration.

Download this Cost Of Goods Manufactured Schedule template in Excel Format

Our easy to use editable Excel templates and save your significant amount of time and effort. Here’s how to download and use one of our templates:

  1. Download this free Excel Template: Once you’ve browsed through our collection of templates and find the one that best fits your needs. Once you’ve found the template you want, click on the download button.

  2. Replace sample data with your actual data: Once the template is downloaded, open it in Excel. You’ll see that it is already set up with sample data. To start analyzing your own data, simply replace the sample data with your actual data.

  3. Customize the template: Our templates are completely editable, which means you can customize them to fit your specific needs. For example, you can change the formatting, add or remove columns, or create new charts and graphs.

  4. Use the Excel template: Once you’ve fed in your data and customized the template, you’re ready to start using it for data analysis. Use the various tools and features of Excel to analyze and visualize your data, and make informed business decisions.

  5. Save and share: Once you’ve finished working on the template, save it to your computer and share it with other members of your team or stakeholders as needed.

Click Download Button To Get Cost Of Goods Manufactured Schedule Excel Template

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