who is in charge of purchasing in a company
Purchasing manager A Purchasing Manager is an employee within a company, business or other organization who is responsible at some level for buying or approving the acquisition of goods and services needed by the company. Responsible for buying the best quality products, goods and services for their company at the most competitive prices, purchasing managers work in a wide range of sectors for many different organizations. The position responsibilities may be the same as that of a buyer or purchasing agent, or may include wider supervisory or managerial responsibilities. A Purchasing Manager may oversee the acquisition of materials needed for production, general supplies for offices and facilities, equipment, or construction contracts. A Purchasing Manager often supervises purchasing agents and buyers, but in small companies the Purchasing Manager may also be the purchasing agent or buyer. The Purchasing Manager position may also carry the title "Procurement Manager" or in the public sector, "Procurement Officer". He or she can come from both an Engineering or Economics background.
Cost of goods sold Costs are associated with particular goods using one of the several formulas, including specific identification, first-in first-out (FIFO), or average cost. Costs include all costs of purchase, costs of conversion and other costs that are incurred in bringing the inventories to their present location and condition. Costs of goods made by the businesses include material, labor, and allocated overhead. The costs of those goods which are not yet sold are deferred as costs of inventory until the inventory is sold or written down in value.