Accounting




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General Accounting Discussions: Effect on Spoilage in Cost of goods sold

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    • CommentAuthorcherry
    • CommentTimeFeb 24th 2007 edited
     
    If our remaining inventory (like juices)are spoiled/expired already, how should i treat them at cost of goods sold and or income statement?
    thank you and I appreciate if anybody can assist me on this..
    • CommentAuthorbelavia
    • CommentTimeFeb 27th 2007
     
    I can not say for sure. I would assume you credit inventory and debit loss account.
    Thankful People: cherry
    • CommentAuthorkinping
    • CommentTimeMar 1st 2007
     
    record the loss on inventory loss account
    Thankful People: cherry
    • CommentAuthordkbook
    • CommentTimeMar 2nd 2007
     
    Debit in inventory loss or Waste account (COGS), Credit inventory stock to reduce your inventory (Asset)
    Thankful People: cherry

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