I think 'cost of goods sold' is mostly for businesses that buy wholesale and sell retail, and move inventories of tangible items. 
Chris Gralapp

 

>^..^<

Chris Gralapp, MA, CMI, FAMI

Medical/Scientific Illustration

415.454.6567

chrisgralapp.com

 

On 4/3/2020 10:03 AM, Griswold, Britt (GSFC-279.0)[LUSA Associates] wrote:
[log in to unmask]">

I  tried using the cost of goods early on in my career, but the costs were not that high and tracking them was silly, so they have gone under Expenses/supplies for most of my career.  If I had some high dollar items, or unusual items pertaining to individual pieces, the Cost of Goods makes more sense.

 

Britt

 

From: SciArt-L Discussion List-for Natural Science Illustration- <[log in to unmask]> on behalf of Marni Fylling <[log in to unmask]>
Reply-To: SciArt-L Discussion List-for Natural Science Illustration- <[log in to unmask]>
Date: Friday, April 3, 2020 at 12:46 PM
To: "[log in to unmask]" <[log in to unmask]>
Subject: Re: [SCIART] [EXTERNAL] [SCIART] COGS

 

Schecdule C, Part 1, line 4 is "cost of goods sold."
I don't use this part, since I don't sell physical items much, but rather use the "Expenses" section, and "supplies" under Part 2.

Not sure if this helps!
marni


From: SciArt-L Discussion List-for Natural Science Illustration- <[log in to unmask]> on behalf of Marjorie Leggitt <[log in to unmask]>
Sent: Friday, April 3, 2020 12:38:18 PM
To: [log in to unmask] <[log in to unmask]>
Subject: Re: [SCIART] [EXTERNAL] [SCIART] COGS

 

Right, Linda. But in a Schedule C it’s not called COGS. 

 

M

Leggitt Design

303.394.0566



On Apr 3, 2020, at 10:12 AM, Linda Feltner <[log in to unmask]> wrote:

If you file a Schedule C, you can list COGS.  I was a sole proprietor for donkey's years, then became an LLC. Both had schedule Cs

____________________________

Linda M. Feltner Artist LLC
P.O. Box 325, Hereford, AZ 85615
520.803.0538
www.lindafeltner.com

On 4/3/20 8:49 AM, Marjorie Leggitt wrote:

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 Design

303.394.0566



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, MA, CMI, FAMI

Medical/Scientific Illustration

415.454.6567

chrisgralapp.com

 

On 4/3/2020 8:27 AM, Liz Lockett wrote:

Take the cost of every supply and expense you made for the year and divide by the number of things you sold.

 

On Fri, Apr 3, 2020, 11:18 AM Lynette Cook <[log in to unmask]> wrote:

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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