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Cost of Goods Sold Manual

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Cost of Goods Sold Manual Brewers Association Cost of Goods Sold Manual ® table of contents acknowledgments . 3 section three . 15 introduction . 4 Counting Inventory . 15 section one . 5 Periodic Inventory Systems . 16 Material costs . 5 Perpetual Inventory Systems . 18 Labor . 5 Potential Issues in Accounting for Inventory and COGS . 18 Overhead . 6 Addressing Issues . 19 Excise taxes . 7 Conclusion . 19 section two . 8 glossary . 20 Brewpubs/Multiple Brewpubs Under 5,000 Barrels of Production . .9 appendix a . 22 Production Microbrewery With 0–1,000 Barrels of Production . .10 appendix b . 24 Production Microbrewery With 1,000–15,000 Barrels of appendix c.1 . 34 Production . .10 appendix c.2 . 35 Production Regional Brewery With 15,000–50,000 Barrels of appendix d . 36 Production . .11 Production Regional Brewery With Over 50,000 Barrels of Production . .12 Taproom/Tasting Room Activities . .12 Cost Allocation Methodology Expanded . .13 Photos © Getty Images and Brewers Association Best Practice Look for highlighted text throughout the manual that indicates a best practice when working with cost of goods sold. 2 BrewersAssociation.org acknowledgments The project began with a survey of craft breweries to learn about how Cost of Goods Sold is currently understood and how COGS are being applied in day-to-day business. You’ll find many of the results of that survey in Appendix B. Thank you to the following breweries that offered their insight by answering the survey. 3rd Wave Brewing Co. CRUX Fermentation Project Great Divide Brewing Company Midnight Sun Brewing Co. Sky High Brewing 903 Brewers Denver Beer Company Hell ‘n Blazes Brewing Company Modern Times Beer Skyland Ale Works Allagash Brewing Company Deschutes Brewery Hi-Fi Brewing Co. Monhegan Brewing Company Smuttynose Brewing Company Alley Kat DESTIHL Brewery Hidden Cove Brewery Mother’s Brewing Co. Societe Brewing Company Anaheim Brewery Diamond Knot Craft Brewing Highland Brewing Company Moustache Brewing Co. Standing Stone Brewing Ardent Craft Ales Dockyard Brewing Co. Ltd. Hop Secret Brewing Co. Naked Dove Brewing Starr Hill Brewery Back East Brewing LLC Dois Corvos Hops & Grain Brewing Natty Greene’s Steuben Brewing Company Barley and Hops Dorchester Brewing Horny Toad Brewing Company New Holland Brewing Company Stillmank Brewery Company Barrel of Monks Brewing Dragoon Brewing Horse & Dragon Brewing Ninkasi Brewing Stone Brewing Beards Brewery Driftless Brewing Company Company NW Peaks Brewery Stover Creek Farms Brewery Beer By Design Brewery Dry Dock Brewing Co Ice Harbor Brewing Company O’Fallon Brewery Summit Brewing Company Big Bend Brewing Co. E9 Brewery LLC Icicle Brewing Company Odin Brewing Surly Brewing Company Black Tooth Brewing Co. Empyrean Brewing Co Idle Hands Craft Ales Okoboji Brewing Company Susquehanna Brewing Co. Black Warrior Brewing Co. Epic Brewing Company Iron Horse Brewery Old Bust Head Brewing Co Swamp Head Brewery Bonfire Brewing Ethereal Brewing Ironmonger Brewing Old Forge Brewing Company Telluride Brewing Co. Boone Valley Brewing Co Faction Brewing Company Ithaca Beer Company Old Ox Brewery Ten Ninety Brewing Co Bosque Brewing Co LLC Fairport Brewing Co. Jack’s Abby Craft Lagers Orlando Brewing Partners, Inc. The Commons Brewery Bottle Logic Farmington Brewing Company Kannah Creek Brewing Co Pagosa Brewing & Grill The Freehouse Braxton Brewing Company Fat Head’s Portland Karben4 Brewing, LLC Palmetto Brewing Co The Rare Barrel Brew Hub Federation Brewing Katabatic Brewing Co. Pareidolia Brewing Co The Saint Louis Brewerry Brewery Vivant FigLeaf Brewing Company Keegan Ales Peace Tree Brewing Company The Virginia Beer Company Bristol Brewing Firestone Walker Brewing Kereru Brewing Company Limited Peddler Brewing Co Three Heads Brewing Co. Brothers Craft Brewing Company Kickstand Brewing Co Periodic Brewing Tomfoolery Brewing Buoy Beer Company First Magnitude Brewing Co. Kindred Artisan Ales Pigeon Hill Brewing Co Town in City Brewing Company Burning Brothers Brewing Fish Brewing Company Ladyface Ale Companie Pike Brewing Company Tradesman Brewing Co., Inc. Cahaba Brewing Company Five Boroughs Brewing Co. Lazy Magnolia Brewing Company Portneuf Brewing LLC Triplehorn Brewing Co Cape May Brewing Company Flying Dog Brewery Left Hand Brewing Company Renegade Brewing Company Triton Brewing Company Central Coast Brewing Four Sons Brewing Live Oak Brewing Co. Rising Tide Brewing Co Upslope Brewing Church Street Brewing Company Free State Brewing Co. Logsdon Farmhouse Ales, LLC River’s Edge Brewing Company Urban Growler Brewing Company Cigar City Brewing Freetail Brewing Co Lovelady Brewing Company Russian River Brewing Wallace Brewing Company City Star Brewing Fullsteam Brewery Lucky Envelope Brewing Saint Arnold Brewing Company West Sixth Brewing Clipper City Brewing Galveston Island Brewing Lumberyard Brewery Salem Ale Works Weyerbacher Brewing Co., Inc. Cole Street Brewery Gateway Brewing MacLeod Ale Santa Clara Valley Brewing Wildcard Brewing Co Commonhouse Aleworks Ghost River Brewing Co. Mad Fox Brewing Company Scuttlebutt Brewing Co Wit’s End Brewing Company Community Beer Co. Gigantic Brewing Company Mad Malts Brewing Service Brewing Company Wonderland Brewing Company COOP Ale Works Glenwood Canyon Brewing Co. MadTree Brewing Seventh Son Brewing Woodstock Inn Brewery Coppertail Brewing Co. LLC Goose Island Maine Beer Company Sick N Twisted Brewing Co Once the survey was complete, project authors EKS&H talked directly with people at select breweries to gain further understanding of the issues surrounding Cost of Goods Sold within their businesses. Thank you to the following individuals for contributing their time and insight. Lynne Blesener, Bristol Brewing Kelly McElroy, Flying Dog Brewery April Carver, Glenwood Canyon Brewing Co. Scott Metzger, Freetail Brewing Co. Craig Frey, Allagash Brewing Company Greg Parker, Iron Horse Brewery Van Havig, Gigantic Brewing Company Penny Pink, Portneuf Brewing LLC Kelly Larson, Summit Brewing Company Matt Pope, Russian River Brewing Mary Lehner, Great Divide Brewing Company Liza Van Cauwenberghe, Highland Brewing Company Cost of Goods Sold Manual 3 introduction The purpose of this guide is to introduce common accounting Accounting for COGS requires judgment and flexibility. terms and methods to brewery and brewpub operators for This manual is not intended to make every set of brewery the accounting of cost of goods sold (COGS) in accordance financial statements look identical; rather, it is a tool to with generally accepted accounting principles (GAAP)1. help readers develop a more consistent classification of It provides a common framework for non-technical and costs. More consistent classification across the industry technical accountants as well as owners, brewers, and enables valuable benchmarking and better decision- managers to use in developing internal costing systems. making data. This guide will help organizations think about the costs and systems they have in place so they can then make decisions The Brewers Association Finance about how to account for them. Committee developed this manual for the benefit of brewery members of the The guide starts with basic concepts and systems and association. The Brewers Association staff progressively addresses more technical concepts and hired EKS&H LLLP to develop the manual complex systems. The guide is intended to educate draft. The authors would like to thank all breweries, from a newly started taproom brewery or the Finance Committee of the Brewers brewpub to a larger, more established brewery. Given Association for the opportunity to assist this broad scope, the guide will not address every in providing this guide to the brewing industry. We are circumstance. At the same time, it will provide a basic honored to work alongside the Committee and appreciate understanding of GAAP, allowing readers to apply the their cooperation and guidance in initiating the work that concepts to new items within their financial statements. went into this accounting manual. 1 Generally accepted accounting principles (GAAP) are a framework of accounting principles. In this case, references to GAAP refer to the accounting principles used in the United States of America. 4 BrewersAssociation.org section one COGS Overview Finished Raw Work in Goods COGS materials Process Inventory COGS is defi ned by GAAP as “the sum of the applicable expenditures and charges directly or indirectly incurred in bringing an article to its existing condition and location. It is understood to mean acquisition and production cost, and its determination involves many considerations.” For brewers, COGS can be considered the cost of beer to the manufacturer that is sold to distributors and customers. New brewery owners Additionally, signifi cant indirect costs of storing raw materials often ask why using GAAP is considered common practice. could be included. This likely depends on how long raw GAAP is the fundamental backbone of this manual because, materials are stored before they are used in production. These in the U.S., it is the standard for prepared fi nancial statements costs correlate to the raw materials account on the balance in business (see APPENDIX A). These costs are “matched” to a sheet upon incurrence. When these ingredients are taken from sale of beer based on the beer that is sold; costs are moved raw material storage and put into production, costs are moved from inventory on the balance sheet to the COGS section from the raw material inventory account to the work in progress of the income statement,
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