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?
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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