In 2024, Clark's Chemical Company received $108,000 in refundable deposits on returnable containers. The things sold for this forfeiture cost a total of $2520.
What exactly does "cost of goods" mean?
The cost of goods sold is the entire amount your business spent on costs directly related to the sale of items. This may also include raw materials, packaging, direct labor used in producing or selling the product, and products purchased for resale, depending on the type of your business. The majority of COGS is made up of the direct expenses incurred, which include labor, raw materials, inventory acquisition prices, and production costs.
(108000*14%)=$15120
(108000*14%)/120%=$12600
=$15120-$12600= $2520
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