Cost Calculator AI
Manufacturing & IndustrialCOGM Schedule

Cost of Goods Manufactured (COGM) Calculator

Calculate Cost of Goods Manufactured (COGM) schedules under GAAP absorption accounting, tracking raw materials, direct labor, and WIP inventory changes.

GAAP Cost of Goods Manufactured (COGM) Schedule

Total COGM
—
Transferred to Finished Goods
Period Mfg Costs
—
DM + DL + MOH
WIP Inventory Delta
—
Beg WIP - End WIP
Total WIP Put to Work
—
Beg WIP + Period Mfg

COGM Accounting Formula

COGM = Beginning WIP + (Direct Materials Used + Direct Labor + Manufacturing Overhead) - Ending WIP
  • Direct Materials Used = Beginning Raw Materials + Purchases - Ending Raw Materials.
  • Total Manufacturing Costs Added: Sum of direct materials consumed, direct labor, and factory overhead during the period.
  • Ending WIP: Unfinished goods remaining on the factory floor at period end.

Step-by-Step Worked Example

Scenario: Quarterly COGM accounting schedule for a precision parts manufacturer

Calculation Steps:

  1. Direct Materials Used = $10,000 + $50,000 - $12,000 = $48,000
  2. Total Manufacturing Costs Added = $48k + $40k + $30k = $118,000
  3. Total WIP Account = $15,000 + $118,000 = $133,000
  4. COGM = $133,000 - $18,000 = $115,000
  5. Cost Per Completed Unit = $115,000 / 10,000 = $11.50 / unit
Result: Cost of Goods Manufactured (COGM) is $115,000 ($11.50 per completed unit transferred to finished goods inventory).

How to Use This Calculator

  1. 1Enter beginning and ending Work in Process (WIP) balances.
  2. 2Enter beginning raw materials, purchases, and ending raw materials inventory.
  3. 3Input direct production labor and allocated manufacturing overhead.
  4. 4Specify completed units transferred to finished goods warehouse.

Assumptions & Limitations

  • Adheres to standard US GAAP absorption costing principles.
  • Period reflects consistent month, quarter, or year.

Frequently Asked Questions

What is the difference between total manufacturing costs and COGM?

Total manufacturing costs are the total costs incurred on the plant floor during the period. COGM adjusts those costs for beginning and ending Work-in-Process (WIP) to reflect only the cost of goods that were completely finished.

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