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COGS is equal to beginning inventory plus inventory purchases during the period minus ending inventory. The income statement lists and subtracts operating expenses to arrive at operating income. In a multi-step income statement -- normally only used by a merchandiser -- the company lists different expense categories such as advertising, depreciation, rent and wages.
These categories are lumped together as general and administrative expenses in a single-step income statement. A service company performs some tasks on your behalf and charges you for them, usually as a fixed amount or on a time and materials basis. Instead, the revenues from services head up the statement, followed once again by the costs of doing business.
Service companies may incidentally provide materials to customers, such as instruction manuals. The company can factor the costs of these materials into service revenue or list them separately. Other common expenses a service company incurs include travel costs, equipment and facility rentals and other service delivery costs.
The income statement lists results from operations first and then separately discloses any gains or losses that are outside the scope of operations. Both kinds of companies can experience gains and losses from non-operational sources, but typically these sources differ between the two business types. For example, a merchandiser might decide to redecorate a retail store and sell off fixtures for a profit.
A service company might have a one-time gain from the sale of a patent. Either type of business might have a non-operational loss stemming from a lawsuit judgment. The merchandiser is more likely to be involved in a suit over defective goods, whereas the service provider might be sued for breach of contract.
Some companies manufacture the goods they merchandise. In this case, the company expands the COGS calculation to include the cost of raw materials, labor and overhead associated with the manufacturing process. The company has the option to list these costs as separate components of COGS or simply lump them together. A merchandiser faces inventory-related expenses that reduce net income, expenses with no counterpart in a service company. Examples include losses due to inventory damage, spoilage, obsolescence and theft.
This figure does not reflect cost-of-goods expenses. Merchandisers buy goods and resell them. The cost of those goods must be subtracted from the earnings figure. The method for calculating this figure is to add inventory on hand at the beginning of the accounting period to inventory purchased during the accounting period.
Subtract the inventory on hand at the end of the period, and subtract any freight charges. This is the cost-of-goods figure for a merchandiser. The merchandiser's income statement will show gross revenues minus this cost-of-goods number. Manufacturers break the cost of goods into categories. Raw materials expenses make up the first category of manufacturing expenses.
The manufacturer must also inventory goods-in-progress. These are partially manufactured products that could not be finished before the end of the accounting period. In addition, manufacturers must count finished products that are available for sale.
Manufacturers also count the cost of manufacturing labor and factory overhead in determining expenses that are related to the cost of goods. This is quite different from merchandisers who do not include labor in cost-of-goods figures.
Identify the financial statements of a merchandiser. (Check all that apply.) Income statement. Statement of retained earnings. Balance sheet. Identify the financial statements of a merchandiser. (Check all that apply.) Income statement. Balance sheet. Statement of owner's equity. Question: Identify the financial statements of a merchandiser. (Check all that apply.) Statement of retained earnings Merchandise profit statement Income.