Inventory Costing and impact on P&L
Inventory Costing and impact on P&L
(OP)
For cost accounting in a manufacture environment, how do I book or record the indirect COGS items such as my current month Overhead or Factory Burden since these have been applied in the cost of the finished goods. Presently these are showing on my P&L and bumping my total COGS to be at 70% rather than the average at 50% as the indirect COGS is at 20%.
FYI: I do use BOM and WO and Raw materials, labor and applied OH are included.
Please help!
Thank you.
FYI: I do use BOM and WO and Raw materials, labor and applied OH are included.
Please help!
Thank you.
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RE: Inventory Costing and impact on P&L
Dawn
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RE: Inventory Costing and impact on P&L
This problem only shows when I view at the P&L... on the gross margin report, COGS is correct at 50%... so the question is when I enter Vendor invoices and General JE, I am coding my expenses to hit the indirect COGS which add up to be 20%... as result my total COGS is now at 70% on the P&L but my Finished Goods from IM and SO still have a margin at 50%. So when you say operations code, are you referring to the WO or BOM?
Please advise.
Thanks.
RE: Inventory Costing and impact on P&L
What is the nature of the general journal entries?
Dawn
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