How COGS (cost of goods sold) is calculated
The COGS total on the Inventory tab of the Insights page shows the cost of goods sold on the selected stores for orders placed in the selected date range. Next to it, product sales shows the revenue from those items and profit shows product sales minus COGS.
The product sales, COGS and profit totals on Insights > Inventory.
For each item, SKULabs multiplies the quantity sold by a unit cost:
If purchase orders for the item were closed within the date range, it uses the average rate paid on those purchase orders.
Otherwise it uses the Cost field of the item in your catalog. Kits use the cost of their component items.
COGS is only accurate when correct costs are set for the items you sell.
What is included in COGS
Items on cancelled orders are included.
Items returned through an RMA are not subtracted.
Deleted orders are not included.
How to update an item's cost
Open any item from Inventory and update its Cost field.
The Cost field on an item.
Import item costs in bulk using CSV
Go to Import/Export, open the Inventory tab and use the Item details import. Only the SKU and Cost columns are required.
A minimal cost import file with SKU and Cost columns.
Item cost averaging
SKULabs can average an item's cost automatically when purchase order lines are received. When enabled, the new cost is averaged from:
The received quantity and its rate on the purchase order.
The existing on-hand quantity and the item's current cost.
Turn it on with the Cost Averaging setting under Settings > Change inventory settings. See How to enable Cost Averaging.
If you don't see the Insights page, it may not be included in your plan; contact support or sales.