For my inventory I assign a cost per unit (looks like yours is
$100/unit). That is a valid "expense" and can show up either as an
expense item or as a reduction of sales. I assigned mine as a reduction
against sales (sub-account called COGS). The other side of that entry
is against inventory.
So for you, initially your inventory had $1000 in it (an asset
account). Each time you make a sale for $140 you also book a
transaction to COGS of $100 with a reduction against inventory of $100.
After six units sold your inventory should show $400 balance.
Stephen M Butler, PMP, PSM
stephen.m.butle...@gmail.com
kg...@arrl.net
253-350-0166
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GnuPG Fingerprint: 8A25 9726 D439 758D D846 E5D4 282A 5477 0385 81D8
On 5/21/23 16:26, Jamie Tolbert wrote:
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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