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 Cook
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