Module 2 · Products / Inventory tab
2.5 COGS
Cost of goods sold and more on pricing.
1:29 video
Chapters
- 0:00Introduction to COGS
- 0:10Recording Unit Cost
- 0:27Calculating Net Margins
- 0:41Importance of Margins
- 1:03Adding Retail Price and Fees
- 1:15Preview of Next Video
Transcript
Introduction to COGS
0:00 This is a quick video for those of you who buy their merchandise outright or who have a cost for your goods.
Recording Unit Cost
0:10 So for example, if you're selling this item and you bought it at a market and you want to record what this item cost you, other than the price, you can add a unit cost.
Calculating Net Margins
0:26 What this does is it calculates your net margins on this item whenever you sell it. So let's say it cost me 20 bucks. And so I can see my profit here in case I sell it, my profit margin.
Importance of Margins
0:40 But this is important when you sell a lot of items and you run a end of month report. For example, you want to know what are your margins on your products, which categories are generating better margins, are selling faster, which platforms are helping you sell items for a higher price or faster with better margins, whatever that is.
Adding Retail Price and Fees
1:02 You can add all that information here. You can also add the retail price, so what this item goes for at retail. You can add tax information, you can add markdown rules and any fees.
Preview of Next Video
1:15 We're going to see a lot more of this in the next video where we talk about item defaults and rules inherited from the consignor.