A nonprofit organization serves public or mutual benefits and interests. Being a nonprofit does not mean that the organization does not generate profit, but simply that it doesn’t generate revenue for the purpose of harvesting income. They typically serve a scientific, religious, educational, or charitable purpose and, with recognition by the IRS, are tax-exempt. Nonprofits…
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What is Cost of Goods Sold (COGS) & How To Calculate It
Cost of goods sold (COGS) is an accumulation of the direct costs that went into the goods sold by your company. This includes the cost of any materials used in production as well as the cost of labor needed to produce the good. It does not include indirect expenses such as distribution costs and marketing…