COGM Card

Module Guide: COGM Card (Cost of Goods Manufactured Card)

Module Location

Inventory > Item/Service > COGM Card

Module Objective

The COGM Card module is a cost accounting tool used to calculate and set the Cost of Goods Manufactured (COGM) for each finished good. In this module, all cost components—from raw materials and labor to factory overhead—are gathered to determine a product's standard cost.

1. Main View (COGM Card List)

The main page of this module displays a list of all the COGM Card calculation documents that have been previously created.

View Explanation

• View: This page is a history of processed COGM documents. You can see the document's Group Code, Date, and Approval Status.

• Filters: You can search for a COGM document by a Date period or Item/Service Category (e.g., FINISHED GOODS).

Button Functions

• [New]: The primary button to start a new COGM calculation process.

2. Steps to Create/Import a COGM Card

Step 1: Create a New Document

From the Main View, click the [New] button to open the COGM Card Input form.

Step 2: Fill in Header Information

Define the Period for the COGM calculation you are about to perform.

Step 3: Input Cost Data

You have two ways to enter the cost details per product:

a) Import from Excel (Fast and Recommended):

1. Click the Download Excel Format link to download the template.

2. Fill the Excel file with the details of the Item/Service Code along with all its cost components.

3. Upload the filled file back via the Choose File button.

4. Click the [Import] button to load the data into the table.

b) Manual Input:

1. Click the [+] icon in the Item/Service List table.

2. Select the Item/Service Code.

3. Manually fill in all relevant cost component columns, such as:

   • Material Usage: Raw Material (RM) and Packaging Material (PM) costs.

   • DVL: Direct Labor Cost.

   • FOH: All Factory Overhead costs like Electricity, Gas, Depreciation, etc.

Step 4: Confirm the Calculation

After all data is filled in and validated, click the [Confirm] button. This action will update the COGM or Standard Cost value for these items in the system, which will then be used for inventory valuation and the calculation of Cost of Goods Sold.

Tips & Important Notes

• This is a very important and specific tool for a Cost Accountant.

• The accuracy of the COGM calculated here will have a direct impact on the inventory value on the Balance Sheet and the Cost of Goods Sold on the Income Statement.

• The import from Excel feature is very helpful for speeding up the process, especially if the COGM for dozens or hundreds of products needs to be updated periodically.