thank you, that makes much more sense than the method I was
contemplating.....
------ Original Message ------
From "Murugan Muruganandam" <[email protected]>
To "[email protected]" <[email protected]>; "Jamie
Tolbert" <[email protected]>
Date 5/21/2023 7:47:43 PM
Subject Re: [GNC] cost of goods sold, unsold inventory
Inventory accounting can be done in multiple stages depending on your
purchase, processing and selling. i presume your example is direct
purchase of finished product and selling at a margin on cash. if so
Inventory purchase
Asset: Inventory: Product: Dr 1000
Asset: Current asset: Bank: Cr 1000
Sales
Asset: Current Asset: Bank: Dr 840
Asset: Inventory: Product: Cr 600
Income: Profit from sales: Cr 240
so your inventory account will be Dr 400 (cost of your available 4
units)
if you have credit transactions, then you need to use Account payable
and Account receivable
Saludos Cordiales
Murugan
--------------------------------------------------------------------------------
From: gnucash-user
<[email protected]> on behalf
of Jamie Tolbert <[email protected]>
Sent: Sunday, May 21, 2023 7:26 PM
To:[email protected] <[email protected]>
Subject: [GNC] cost of goods sold, unsold inventory
I am slowly wrapping my head around things, kinda stuck on a question
about accounting for unsold inventory. Say I bought 10 widgets, for 100
each, my cost of good sold is 1000; I sold 6 for 140 each. My sales is
840, but my cost of good sold is only 600, not 1000, How do I account
for the 4 remaining in inventory.
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