Closing Inventory & Cost of Good Sold for using Average Cost

Modified on Tue, 27 Aug at 6:17 PM

Closing Inventory
Closing stock is the amount of inventory that a business still on hand in the end of reporting period

-What circumstances the product will appear in Closing Inventory?
When you have create Purchase Invoice and the product had created in system.

-If the product haven't create in system before Purchase Invoice?
The product will follow the setting go into COGS(Cost of Good Sold)

COGS(Cost of Good Sold)
Cost of goods sold (COGS) refers to the direct cots of producing the Goods sold by the company.

-What circumstances the product will appear in COGS(Cost of Goods Sold)?
After sell the product only will go into COGS(Cost of Good Sold). Unless sell the product not in the system.