Print

Print


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]
> >
>
> Instructions to subscribe or leave the list are at
> https://urldefense.proofpoint.com/v2/url?u=https-3A__www.gnsi.org_listserv&d=DwIFaQ&c=Cu5g146wZdoqVuKpTNsYHeFX_rg6kWhlkLF8Eft-wwo&r=AGYZ7-AeerjxzYnIwL-lBLFI3SPYN3BDmku4qGQB4Tg&m=i93DNU6e108pSj1MML0HdJQ0JtWc39wqbH-BszdWllE&s=0GBlese382ImmaBWIdX7adK83gOU8lXzhqjZkHaoOs0&e= 
>
> List name is Sciart-L
>
> Problems: Email Lana Johnson at [log in to unmask]
>

Instructions to subscribe or leave the list are at https://www.gnsi.org/listserv

List name is Sciart-L

Problems: Email Lana Johnson at [log in to unmask]