How do you record an artist's painting available for sale?
I recently took a job cleaning up books for a Canadian corporation. And cleaning is an understatement! However in good spirit and in a desire to learn, I have taken the challenge. Here is what I need help with...
For cost of goods sold (COGS), let's say the customer buys a pillow (that's the product) and they want us to mail it to them. Is the shipping cost recorded to COGS or is it an expense?
The second question. I am new to COGS. How do you know what's considered COGS? Specifically, one of the things they sell are paintings (the wife paints them), so are the paint and paint brushes recorded to expense or to COGS?
Thank you everyone for your help !!
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