Enter the cost of materials, labor, manufacturing overhead, beginning work in process inventory, and ending work in process inventory into the calculator to determine the cost of goods manufactured.
Cost of Goods Manufactured
The following equation is used to calculate the COGM, or cost of goods manufactured.
COGM = MC + LC + MO + BWIP – EWIP
- Where COGM is the cost of goods manufactured
- MC is the material cost
- LC is the labor cost
- MO is the manufacturing overhead
- BWIP is the beginning work in progress inventory
- EWIP is the ending work in progress inventory
What is COGM?
COGM stands for cost of goods manufactured. It’s a measure of the true cost of a manufactured item, including labor and overhead. It also takes into account the work in progress inventory.
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