Why You Need to Include Your Labor Hours in Your Cost of Goods Sold

Should your labor hours be included in your cost of goods sold? Your COGS should always include any labor hours (including your own) that are part of creating or making the products as well as installing or providing the service. Today we will take a look at an example of someone that produces their own products and then resells them. If you want to be priced correctly and have a clean profit and loss, then take a listen.   YouTube Videos on P&L that Can Help: 👉 Profit & Loss Income Statement for Beginners 👉 Profit & Loss Playlist – Multiple P&L Videos 👉 Profit & Loss Review – Did Their Gamble on Payroll & Space Pay Off?   _______________________________ 👉 Grab Your Free Know Your Business Numbers Reference Guide ______________________________ 👉 Want to Learn Your Business Numbers Better? Check Out this Affordable Course: Understanding Your Business Numbers   _______________________________ Here are some popular videos I have on YouTube: 👉 HOW TO PRICE YOUR PRODUCTS CORRECTLY 👉 HOW TO PRICE YOUR SERVICES CORRECTLY 👉 HOW TO READ A PROFIT & LOSS STATEMENT   _______________________________ 👉 WEBSITE: BABOLearning.com 👉 YOUTUBE CHANNEL: BABO Learning for Badass Business Owners 👉 Want to Help Support the Channel? The Badass Business Owner Tip Jar _______________________________ FREE GUIDES / TOOLS 👉 Free Know Your Business Numbers Reference Guide 👉 FREE eGUIDE: 8 Steps to Earning $100,000 in Income in Your Small Business 👉 FREE eGUIDE: How to Read a Profit & Loss Statement 👉 FREE Start Up Guide for Starting a Business 👉 Free eBook: 10 Questions to Ask in Your Business   👉 Get Your FREE Business Health Check  _______________________________   COURSES 👉 Understanding Your Business Numbers 👉 Start a Local Small Business   _______________________________   👉 ** DISCLAIMER on Affiliate Links: I occasionally will have some affiliate links & I do earn a small commission but at no cost to you. I only recommend companies or items that I believe will save you time, money or help make your business better   👉 ** DISCLAIMER:  I am not an attorney, CPA, bookkeeper, insurance agent or financial advisor. My videos/podcast are for entertainment & educational purposes only and should not be construed as tax, legal, insurance or financial advice. Please seek out a qualified CPA, attorney, or specialist as needed.  I'm sharing my experiences with my businesses and those I have worked for and/or helped coach.   _______________________________   Local Small Business Owners are the Backbone of All of Our Communities!      The Badass Business Owner Podcast is for Small Business Owners who are tired of living job to job but want to grow their business income & their personal income. In each episode, we discuss how to increase your profits, boost your sales, improve your processes and develop stronger teams. Learn more about pricing correctly, your business numbers & your profit and loss income statement     WHO THIS CHANNEL IS FOR: small business owners who serve their local community, local small business owners, service based business owners, mobile businesses, brick and mortar businesses, handymen, landscapers, pool cleaners, cleaning services, carpet cleaners, window cleaners, ice cream shops, QSRs, restaurant owners, mechanics, plumbers, electricians, real estate agents, dog groomers, franchisees, tradesmen, medical, dentist, insurance, pet business owners, cake makers & those looking to increase profits, boost sales, improve processes and develop stronger teams. Entrepreneurs who want to make more money. Those who want to know their business numbers better!      #BABOLearning #KnowYourBusinessNumbers #BadassBusinessOwnerPodcast