[log in to unmask]"> All, is it just me or am I just clueless about COGS? Is this only for S-, C-corps or an LLC? I’m not seeing anything about this for Sole Proprietor.Marj
Leggitt Design303.394.0566
On Apr 3, 2020, at 9:39 AM, Chris Gralapp <[log in to unmask]> wrote:
Lynette,
I think it is OK to make an educated guess, and ballpark it--that's what I did--I have a feeling that there won't be too many questions asked. But that's just me!
Chris
Chris Gralapp On 4/3/2020 8:27 AM, Liz Lockett wrote:
[log in to unmask]">Take the cost of every supply and expense you made for the year and divide by the number of things you sold.
Britt, this article addresses inventory and keeping track of costs in a general way as part of one’s business (for tax and insurance purposes), though doesn’t directly address my questions. I must come up with a number for COGS from 2/1/19-1/31/20. Thankfully, not for any other period than this!
Lynette
> On Apr 3, 2020, at 8:01 AM, Griswold, Britt (GSFC-279.0)[LUSA Associates] <[log in to unmask]> wrote:
>
> Lynette,
>
> This article may have your answer:
> https://urldefense.proofpoint.com/v2/url?u=https-3A__www.artworkarchive.com_blog_how-2Dto-2Ddo-2Da-2Dyear-2Dend-2Dinventory-2Dof-2Dyour-2Dart-2Dstudio&d=DwIGaQ&c=Cu5g146wZdoqVuKpTNsYHeFX_rg6kWhlkLF8Eft-wwo&r=AGYZ7-AeerjxzYnIwL-lBLFI3SPYN3BDmku4qGQB4Tg&m=cAU6KdqpDsZaQ9-bPjTIlOtFdU6rp7_ITwQlMqhyic4&s=vYJU2K0vsTkit-O7Qf6hQZFS361kasG5evTNUChZkPg&e=
>
> Personally, I do not have an inventory so this has never been a problem for me, so no direct experience.
>
> Britt
>
> On 4/3/20, 10:50 AM, "SciArt-L Discussion List-for Natural Science Illustration- on behalf of Lynette Cook" <[log in to unmask] on behalf of [log in to unmask]> wrote:
>
> Hi all,
>
> I know this isn’t rocket science but I’m having trouble wrapping my mind around it (my spring allergies must have me befuddled). I’m having to come up with a number for COGS: cost of goods sold for a 12 month period. We artists usually do not run our business this way. So, for all physical paintings sold during these 12 months I have to go back in my records and hunt for receipts in order to itemize the cost of materials and find the total dollar figure. Of course, some have to be estimated, such as the 24” of wire that went on the back of a canvas when said wire was purchased as a large roll 15 years ago. And, hmmmmm, did I use a 1/4 C of gesso from the gallon jug on that painting or did I use 1 C? A teaspoon of paint from the tube of phthalo green or was it three?
>
> My understanding is that I do not include my own labor or other costs. Though I wonder: do I include my paintbrushes? I easily ruin the points of 2-4 on each painting, so they are expended for all intents and purposes even though not incorporated into the art itself.
>
> My main question is: am I thinking this through correctly or am I missing something?
>
> Lynette
> —
> Lynette Cook
> [log in to unmask]
>
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