[GNC] cost of goods sold, unsold inventory

[Stephen M. Butler]

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.Butler51 at gmail.com
kg7je at arrl.net
253-350-0166
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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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