Cost of Goods Sold (COGS) Worksheet
This worksheet covers key concepts related to Cost of Goods Sold (COGS) for Grade 11 Social Studies students focusing on Economics.
Includes
Standards
Topics
Cost of Goods Sold (COGS) Worksheet
Name:
Date:
Score:
Read each question carefully and provide the best answer based on your understanding of Cost of Goods Sold (COGS) principles.
1. Which of the following is NOT typically included in the calculation of Cost of Goods Sold?
Direct materials
Direct labor
Sales commissions
Manufacturing overhead
2. The formula for Cost of Goods Sold is: Beginning Inventory + Purchases - .
3. COGS is a crucial component in calculating a company's on its income statement.
4. A higher Cost of Goods Sold always indicates a less profitable business.
True
False
5. Explain the significance of Cost of Goods Sold (COGS) to a business's financial health.
Match each term on the left with its correct definition on the right.
6. Inventory
a. The cost of goods available for sale that were not sold during the period.
7. Gross Profit
b. The total cost of merchandise sold during the period.
8. Ending Inventory
c. The difference between revenue and the cost of goods sold.