Cost of Goods Sold (COGS)

Know the exact material cost of your product to maintain healthy margins and be a better and smarter business.

COGS is short for "Cost of Goods Sold" which in essence is the claimable direct expense (cost) of creating all products (goods) you have sold within the financial year. The IRS requires all manufacturers to submit this information annually via a form called 1040, or "Schedule C".

Craftybase is a perpetual inventory system designed to provide you with accurate inventory and COGS calculations. Our system uses weighted rolling averages to calculate material usage and increases in inventory with precision: all you need to do is log your purchases and manufactures and CB will tally everything for you. Our calculations are GAAP compliant, using IRS approved methods and are suitable for US based small manufacturers.

We offer a Schedule C guidance report that summarises all the numbers you need for your end of year tax filings.

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