Please login here to save this document to a list.
If you don't have an account, you can register for free here.
ALL FEES INCLUDED
|Add to Cart|
I first came across this problem from an Upwork job query many years ago. I was stumped on it for quite a long time and then one day tried to really think of an outside-the-box solution that would allow the FIFO method to be implemented in Excel so that the calculations for the COGS of inventory could be automatically calculated.
This financial calculator is designed to calculate the Cost of Goods Sold (COGS) value for units sold based on using the FIFO Accounting methodology. FIFO means first in, first out and it can be complicated and tedious to figure out how to value your COGS when purchases happen of a given unit type at different prices over time.
This template comes with a single SKU and up to 5 SKU calculators and allows for up to 100 purchases / 100 sales to happen. A bigger file version is available upon request for up to ~400 purchases / sales, but the Excel file is larger.
Normally, an Accountant would have to go through and figure out how many units that were sold should be priced at purchase price batch 1 and then if more are sold than that, how many are priced at purchase price 2, and so on until the entire units sold for a given batch is fully priced at the proper cost.
In this template, all the user has to do is enter historical purchases (quantity / price) in the order the purchases happened (oldest at the top) and then historical sales and the date of sale (oldest at the top).
The output is the average cost per unit of sold items in a given batch and the total COGS per batch sold and total COGS per month. This template is built to expand easily. More SKUs can be added by making copies of the existing tabs and adjusting the references accordingly.
Got a question about the product? Email us at [email protected] or ask the author directly by using the "Ask the Author a Question" form. If you cannot view the preview above this document description, go here to view the large preview instead.
Source: Best Practices in Costing Excel: FIFO COGS Calculator Excel (XLSX) Spreadsheet, Jason Varner | SmartHelping
ABOUT THE AUTHOR: JASON VARNER | SMARTHELPING
I graduated in 2011 with a Bachelors degree in Accounting. From there, I worked at a few small businesses doing financial reporting and some bookkeeping. After a few years of that, I started doing freelance financial consulting work on Elance and Upwork.
After over 400 jobs completed with a 100% success rate, I now run my own modeling/consulting practice, conduct live streams on YouTube Monday and Tuesday mornings and continue to build new financial models.
I occasionally take on custom financial modeling work.
Jason Varner | SmartHelping has published 105 additional documents on Flevy.
This business document is categorized under the function(s): Corporate Finance
It applies to All Industries
File Size: 42.3 MB
Related Topic(s): Costing
Purchase includes lifetime product updates. After your purchase, you will receive an email to download this document.
Initial upload date (first version): Nov 16, 2022
Most recent version published: Nov 16, 2022
|Download our free compilation of 50+ Strategy & Transformation slides and templates. Frameworks include McKinsey 7-S Strategy Model, Balanced Scorecard, Disruptive Innovation, BCG Experience Curve, and many more. To receive this free download, enter your email address below and click the "Email Me" button.|
"Flevy is now a part of my business routine. I visit Flevy at least 3 times each month.
Flevy has become my preferred learning source, because what it provides is practical, current, and useful in this era where the business world is being rewritten.
In today's environment where there are so many challenges and there is the need to make the right decisions in a short time, with so much scattered information, we are fortunate to have Flevy. Flevy investigates, selects, and puts at our disposal the best of the best to help us be successful in our work."
– Omar Hernán Montes Parra, CEO at Quantum SFE
"I like your product. I'm frequently designing PowerPoint presentations for my company and your product has given me so many great ideas on the use of charts, layouts, tools, and frameworks. I really think the templates are a valuable asset to the job."
– Roberto Fuentes Martinez, Senior Executive Director at Technology Transformation Advisory
"If you are looking for great resources to save time with your business presentations, Flevy is truly a value-added resource. Flevy has done all the work for you and we will continue to utilize Flevy as a source to extract up-to-date information and data for our virtual and onsite presentations!"
– Debbi Saffo, President at The NiKhar Group
"As a young consulting firm, requests for input from clients vary and it's sometimes impossible to provide expert solutions across a broad spectrum of requirements. That was before I discovered Flevy.com.
Through subscription to this invaluable site of a plethora of topics that are key and crucial to consulting, I have been able to exceed expectations and deliver quality advice and solutions to my clients. The quality and expertise of the authors are exemplary and gives me great confidence to use as part of my service offerings.
I highly recommend this company for any consultant wanting to apply international best practice standards in their service offerings. "
– Nishi Singh, Strategist and MD at NSP Consultants
"As a small business owner, the resource material available from FlevyPro has proven to be invaluable. The ability to search for material on demand based our project events and client requirements was great for me and proved very beneficial to my clients. Importantly, being able to easily edit and tailor the material for specific purposes helped us to make presentations, knowledge sharing, and toolkit development, which formed part of the overall program collateral. While FlevyPro contains resource material that any consultancy, project or delivery firm must have, it is an essential part of a small firm or independent consultant's toolbox."
– Michael Duff, Managing Director at Change Strategy (UK)
"[Flevy] produces some great work that has been/continues to be of immense help not only to myself, but as I seek to provide professional services to my clients, it give me a large "tool box" of resources that are critical to provide them with the quality of service and outcomes they are expecting."
– Royston Knowles, Executive with 50+ Years of Board Level Experience
"Flevy is our 'go to' resource for management material, at an affordable cost. The Flevy library is comprehensive and the content deep, and typically provides a great foundation for us to further develop and tailor our own service offer."
– Chris McCann, Founder at Resilient.World
"As a consultant requiring up to date and professional material that will be of value and use to my clients, I find Flevy a very reliable resource.
The variety and quality of material available through Flevy offers a very useful and commanding source for information. Using Flevy saves me time, enhances my expertise and ends up being a good decision."
– Dennis Gershowitz, Principal at DG Associates
Do You Want to Get Lean?We've assembled 40 Lean Six Sigma guides: Lean Management, Six Sigma, Strategy Planning, Process, and Change Management.
Waste Too Much Time on PowerPoint?Get our FREE PowerPoint Plugin (Flevy Tools) for creating common business diagrams, from Gantt Charts to Harvey Balls.
Do You Run a Consulting Firm?Learn how to level the playing field with global consulting firms, like McKinsey, BCG, Bain, E&Y, and Accenture.
Need Help with PowerPoint or Excel?Have our highly trained staff create the exact documents you need. We offer PowerPoint and Excel document creation services.
FlevyPro (Subscription Service)
Flevy Executive Learning (FEL)
LinkedIn Influencer Marketing
Contact / FAQ / Terms / Privacy
flevyblog (Business Magazine)
Strategy, Marketing, & Sales
Organization, Change, & HR
Health & Safety
Governance, Risk, & Compliance
Customer-centric Design (CCD)
Human Resource Management
Blue Ocean Strategy
COVID-19 Trend Data
Consulting Training Guides
Organizational Culture (OC)
Organizational Design (OD)
Organizational Leadership (OL)
Financial Advising Services (FAS)
Flevy Tools (PowerPoint Plugin)
Lean Six Sigma Training Guides
Post-merger Integration (PMI)
Supply Chain Management (SCM)
Small Business Owner
© 2012-2023 Copyright. Flevy LLC. All Rights Reserved.