Cost of Goods Manufacture (COGM) & Work-in-Process Calculation in Woven Garments.


Cost of goods manufacture (COGM) * Work-in-Process is an important tool for calculating total inventory in woven garments. It’s a demandable calculation for another stack holder. One of these stack holder banks is the vital role of this inventory report. Because the bank is aware of distributing his limit loan depended on that report.

The below table is for your information to calculate the cost of goods manufacture of finished goods.

Jun-21ParticularsValueQty.Production. Qty.WIP Calculation: 
 Materials (Fabric+Trims)      868,547  Opening Fabric        59,673
 WIP        40,630      28,211    240,557Fabric Issue to Cutting-     195,657
 Finished Goods        43,455      16,893 Fabric Use for Production-     228,529
     Closing Balance        26,801
     Equivalent WIP Qty.        28,211
Quantity        28,211
Material        26,801
Factory Over Head (FOH)        27,658
Allocation FOH        13,829
WIP valuation        40,630
Final Inventory Calculation
As of 30 Jun-2021
Finished Goods Report
BuyerOpening Qty.Received  Qty.Total StockEx-Factory Qty.Ex. Fac. In %Closing Balance Qty.Closing %
Gorge         2,316            1,802         4,118          4,1182%                      –  0%
Debenhams                –              1,833         1,833          1,8331%                      –  0%
Tesco         4,173          26,916      31,089        28,93512%               2,15413%
H&M      78,714        102,035    180,749     170,15272%             10,59763%
Li & Fung                –              2,390         2,390                 –  0%               2,39014%
Zara                –                  752            752                 –  0%                   7524%
Pull & Bear         7,450          25,189      32,639        31,63913%               1,0006%
Total      92,653        160,917    253,570     236,677100%             16,893100%
ParticularsQty. COGM USDRate
Opeing      92,653        170,253           1.84
Add. Received    160,917        482,021           3.00
Less: Ex-Factory    236,677        608,819           2.57
Closing       16,893          43,455           2.57
COGM Calculation
FOB/Pcs D. Mat. & Emb. % Total FOB D. Mat. & Emb Fact. OH  COGM  Man Hr./pcs  Man Hour 
        5.8656%      10,554         5,950         2,114         8,065      0.66          1,188
        2.9951%         5,475         2,800            969         3,769      0.30              544
        4.6059%    123,814       72,535      79,816    152,352      1.67        44,841
        1.2044%    122,897       54,091      73,728    127,819      0.41        41,420
        2.5842%         6,160         2,606         3,922         6,528      0.92          2,204
        5.3971%         4,053         2,886         1,378         4,264      1.03              774
        7.1677%    180,438     138,625      40,600    179,225      0.91        22,809
      26.8457%    453,390     279,495    202,527    482,021      0.84     113,779
COGM Cost of Goods Manufacture

If you didn’t understand the above calculation for COGM & WIP in woven garments, Please watch the below video.

Deduction of tax at source from non-resident taxpayer’s income (Section 56)

Tax Deduct at Source Non-rasident

অনিবাসী করদাতার আয় হতে উৎসে কর কর্তন (ধারা ৫৬):

অর্থ আইন, ২০১৯ এর মাধমে আয়কর অধ্যাদেশে বিদ্যমান ধারা ৫৬ এর আওতাভুক্ত উৎসে করের খাত ও হার পূণগর্ঠন করা হয়েছে । নতুন বিধান অনুযায়ী কো অনিবাসীকে অর্থ পরিশোধ দায়িত্বপ্রাপ্ত কোন ব্যাক্তি কর্ত্ক যদি এমন কোন অর্থ পরিশোধ করা হয় যা উক্ত ব্যক্তির আয়, তাহলে নিম্নবর্ণতি ছকে বিবৃত খাত ও হার অনুযায়ী উৎসে কর কর্তন করতে হবেঃ

SI. No.Description of Service or PaymentRate of Deduction of Tax
1Advisory of Consultancy Service20%
2Pre shipment Inspection Service20%
3Professional Service, Technical Services, Technical Know-how or Technical Assistance20%
4Architecture, interior design or landscape design, fashion design or process design20%
5 Certification, Rating Etc.20%
6Charge or rent for satellite, airtime or frequency, rent for channel broadcast20%
7Legal Service20%
8Management Service Including Event Management20%
10Royalty, License fee or payments related to intangibles20%
11Interest 20%
12Advertisement Broadcasting20%
13Advertisement making or Digital Marketing15%
14Air Transport or water transport [not being the carrying services mentioned in sections 102 or 103A]7.5%
15Contractor, sub-contractor of manufacturing, process or conversion, civil work, construction, engineering or works of similar nature. 7.5%
17Capital Gain15%
18Insurance Premium10%
19Rental of machinery, equipment’s etc.15%
20Dividend- a) Company
b) any other person, not being a company
21 Artist, singer or player30%
22Salary or remuneration30%
23 Exploration or drilling in petroleum operations5.25%
24Survey for coal, oil or gas exploration5.25%
24AFees, etc. Of surveyors of general insurance company20%
Any Service for making connectivity between oil or gas field and its export point
Any Payments against any services not mentioned above
Any other payments
tax at source from non-resident

অর্থ আইন, ২০১৯ এর মাধ্যমে আয়কর অধ্যাদেশ, ১৯৮৪ তে ধারা ৫৬- এর উপধারা ১ এ একটি প্রোভাইসো সংযোজন করা হয়েছে । সংযোজিত প্রোভাইসো অনুযায়ী কোন কোম্পানির শেয়ার হস্তান্তরের ফলে কো অনিবাসী করদাতা মূলধনী লাভ অর্জন করলে উক্ত মূলধনী লাভের উপর ১৫% হারে উৎসে কার কর্তনপূর্বক সরকারি কোষাগারে জমা প্রাদানের প্রমাণ ব্যতিরেকে শেয়ার হস্তান্তর কার্যকর করার জন্য কোনো উপযুক্ত কর্তপক্ষ উক্তরূপ শেয়ার হস্তান্তর কার্যকর করবেন না ।

অর্থ আইন, ২০১৮ এর মাধ্যমে অনিবাসী করদাতার আবেদনের প্রেক্ষিতে আয়কর প্রদেয় নয় বা হ্রাসকৃত হারে আয়করের প্রযোজ্যতা সংক্রান্ত জাতীয় রাজস্ব বোর্ড কর্তৃক সনদ প্রদানের বিধান করা হয়েছিল। অর্থ আইন, ২০১৯ এর মাধ্যমে আয়কর ধারা ৫৬– এর উপধারা ২ সংশোধন করা হয়েছে। এর ফলে এখন থেকে আবেদনের সাথে প্রয়োজনীয় সকল ধরনের প্রমাণদি দাখিল করা হলে আবেদন প্রাপ্তির ৩০ দিনের মধ্যে অনিবাসীকে সনদ প্রদান করতে হবে । পরিবর্ততি বিধান ২০১৯-২০২০ অর্থ বছর হতে কার্যকর হবে।

How to Calculate Balancing Allowance, Balancing Charge & Capital Gain?

How to Calculate Balancing Allowance, Balancing Charge & Capital Gain?

The calculating balancing allowance, balancing charge and capital gain the terms are most import to know every commerce background student.

A balancing allowance is a type of capital allowance which can be given under several of the allowance codes when an asset is disposed of or the business comes to an end.

SI #Cost Price $WDV $Sales Proceeds $AmountComment
A) $ 90,000.00 $ 60,000.00 $ 50,000.00 $10,000.00  Balancing Allowance
Balancing Allowance

A balancing charge is the opposite of a capital allowance, which reduces the amount of profit you have to pay tax on.

SI #Cost Price $WDV $Sales Proceeds $AmountComment
A) $ 90,000.00 $ 60,000.00 $ 50,000.00 $10,000.00  Balancing Allowance
B) $ 90,000.00 $ 70,000.00 $ 80,000.00 $(10,000.00)   Balancing Charge, Capital Gain Nill
Balancing Charge

Capital gain is an economic concept defined as the profit earned on the sale of an asset which has increased in value over the holding period.

SI #Cost Price $WDV $Sales Proceeds $AmountComment
A) $ 90,000.00 $ 60,000.00 $ 50,000.00 $10,000.00  Balancing Allowance
B) $ 90,000.00 $ 70,000.00 $ 80,000.00 $(10,000.00)   Balancing Charge, Capital Gain Nill
C) $ 90,000.00 $ 70,000.00 $100,000.00 $(30,000.00)Balance Charge, Capital Gain $10,000.00 ($100000-$90000)
A)Bank (Sales) $ 50,000.00
Accu. Dep.90000-60000 $ 30,000.00
Loss on Sales $ 10,000.00
Machinery $ 90,000.00
B)Bank (Sales) $ 80,000.00
Accu. Dep.90000-70000 $ 20,000.00
Machinery $ 90,000.00
Gain on Sales $10,000.00
C)Bank (Sales) $100,000.00
Accu. Dep.90000-70000 $ 20,000.00
Machinery $ 90,000.00
Gain on Sales $ 30,000.00
Balancing Charge $30,000.00 but Maximum is $20,000.00

ITP (Income Tax Practitioner) Exam Question and Suggestion

Tax Deduct at Source Non-rasident

ITP (Income Tax Practitioner) Exam Question and Suggestion is most important to every student who are attained in ITP examination. Today I like to share with you about basic question of Accounting, Bangla & English of ITP examination. The Accounting, Bangla & English question are bellow-

Accounting- i)                   Definition of Accounting, ii)                 Describes the feature of gift, iii)              What is the transaction, iv)                What is the equation of accounting transaction, v)                 What is the double entry system, vi)               What are the procedure of double entry system, vii)            Describe the circle of Accounting, viii)          Describe the  modern procedure of debtors and creditors and also the equation, ix)               What is the meaning of journal, x)                  Definition of journal, xi)               What is the meaning of ledger and it’s definition, xii)             Difference between journal and ledger, xiii)          What is the definition of trail balance, xiv)           Why the trail balance is equal in both side, xv)             What is the meaning of contra entry with double entry, xvi)            What do you mean by final accounts, xvii)        What is the Authorized Capital and Paid up Capital, xviii)      Difference between Share and Stock

Bangla- i)   Bakka Songkochon/Akothai Prokas, ii)   Beporith Shobdha, iii) Ukti, iv)  Karok, v) Pad, vi)  Bachon, vii)  Beram Chinno, Joti Chinno, Chead Chinno, viii)   Sondhi, ix)  Somarthak Shobdha, x)  Latter, xi)   Application, xii)  Vabsomprosaron, xiii) Sarangsho, xiv)  Essay,

English- i)  English to Bengali, ii)   Bengali to English, iii)  Essay, iv)  Paragraph, v)  Letter/Application, vi)               Translation, vii)  Free Writing, viii)  Composition, ix) Grammar (Voice, Narration, Transformation of sentence, Degree)
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Bills of Exchange (BOE) Payment Realized Procedure

Bill Of Exchange

Bills of Exchange (BOE) Payment Realized Procedure is common process against letter of credit (LC). Bills of Exchange is a documentary acceptance payment method. We know every company recovery his credit by the process. Bill of Exchange is a trust worthy transaction to buyer and seller.

Letter of Credit

Below are the simple steps guide of how the payment method works:

  1. Supplier submits BOE, along with original payment documents to their bank.
  2. Suppliers bank submits BOE, and copy payment documents to Buyers Bank.
  3. Buyers bank submit BOE, and copy payment documents to Buyer for approval.
  4. Buyer approve BOE, on standard terms As sight/60/90 days.
  5. Buyer bank informs the suppliers bank that Buyer have accepted the BOE on standard terms.
  6. Suppliers bank release payment documentation including Bill of Lading to Buyer.
  7. On due date Buyer bank takes the money out of Buyer account and pays to the suppliers bank.
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