Cost of Goods Sold

Posted By FormerMember over 10 years ago

We are trying to rectify a recurring issue with our inventory and cost of goods sold. Our revenue will show for example $60,000 for one specific item, but the cost of goods will say $156,000. This is not possible, and therefore the profit is a huge negative.

What is going on, and how can this be resolved?

Thanks

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0 GwG over 10 years ago

Shar

Run the inventory detail report on one of the inventory items in question. If the inventory report shows there are a lot of ADJ and VAR (variances) and the items is constantly going below zero, then you have a problem.

Adjusting the items cost will probably make the COGS worse. Easiest solution would be to adjust the item to zero and then make it invactive and create a new item. But if you want to reconcile the item cost then send me the Inventory detail report on some of the items.
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0 GwG over 10 years ago

Shar

Run the inventory detail report on one of the inventory items in question. If the inventory report shows there are a lot of ADJ and VAR (variances) and the items is constantly going below zero, then you have a problem.

Adjusting the items cost will probably make the COGS worse. Easiest solution would be to adjust the item to zero and then make it invactive and create a new item. But if you want to reconcile the item cost then send me the Inventory detail report on some of the items.
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