mending cost of goods sold

[Derek Atkins]

"Keith J." <brae39 at gmail.com> writes:

> I am using a user defined fund and trading accounts to keep track of the
> inventory of an item and the cost of goods sold. I have been using the unit
> average cost of the production batch for the fund's price. Let's say, the
> per unit average cost is $5. That is the fund's price I have been entering
> in each transaction. Recently I was advised to include the shipping cost
> from the factory in the total production cost. This will bring fund price
> (or the per unit cost of goods sold) from $5 to $6.50.
>
>  
>
> Is there a way to retroactively mend the transactions, short of manually
> modifying each record? I suspect that the answer is probably no. For future
> transactions, I can enter the new fund price, $6.50. What would be the best
> way to fix the book without fixing the past entries so that the cost of
> goods sold will be accurate?  Say that I sold 1000 units up to this point.
> What if I enter the shortage of $1500 into the cost of goods sold account in
> some kind of special entry? Not sure how to transfer that to the inventory
> account though. 

Sorry, no, the only way to modify the price of a transacton is to modify
the transaction...  and you have to do that for every transaction.

Sorry.

> Thank you for your help.

> Please remember to CC this list on all your replies.
> You can do this by using Reply-To-List or Reply-All.

-derek

-- 
       Derek Atkins, SB '93 MIT EE, SM '95 MIT Media Laboratory
       Member, MIT Student Information Processing Board  (SIPB)
       URL: http://web.mit.edu/warlord/    PP-ASEL-IA     N1NWH
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