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What is this strange word "COGS"?

Easy. It's an acronym for "Cost of Goods Sold". And THAT's a phrase that means the sum of all your Labor and Materials that go into making your product.

The tricky part is understanding what you should and shouldn't include in there. If you run a restaurant, do you count the labor of a chef who makes dinner? Probably. The labor of the guy who cleans the bathrooms at the end of the night? Maybe not.

In many businesses we talk about the "office staff" as being a different kind of cost from the "production staff". If an employee is involved in the PRODUCTION of the product or service you sell, then they are probably in the COGS. But general "office staff" are better classified as "overhead" expenses, (which we'll save for another Word of the Day!)

OK, Watch the video and then subscribe to this playlist for more Words of The Day!

Oh, and email me if you have any questions! [email protected]

Thanks
David