The company's Cost Of Goods Sold, is $625.
Cost Of Goods Sold: The carrying value of the items sold during a specific time period is the cost of goods sold. To allocate costs to certain commodities, one of the several formulas, including specific identification, first-in-first-out, or average cost, is utilized.
How is the cost of goods sold determined?
In order to compute cost of goods sold (COGS), one must first determine the value of inventory at the start of the study period, then add the cost of any new inventory acquired throughout the study period, and then deduct the value of inventory held at the end of the study period.
General selling costs like managerial salaries and advertising expenses are excluded from COGS. These expenses will be included in the selling, general, and administrative (SG&A) expense section underneath the gross profit line.
The only expenditures included in the cost of goods sold for the year are those related to manufacturing the products you sold, whereas the expenses line includes all other costs related to operating the business.
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