Just so that I understand, inventory part used in assembly removes the cost from raw materials inventory current assets and puts it under WIP or finished goods or whatever under current assets and only hits COGS at time of sale, whereas non-inventory part costs in assembly credits the COGS or whatever P/L account it is set under items and debits the WIP or finished goods or whatever inventory account under current assets.
Just so that I understand, inventory part used in assembly removes the cost from raw materials inventory current assets and puts it under WIP or finished goods or whatever under current assets and only hits COGS at time of sale, whereas non-inventory part costs in assembly credits the COGS or whatever P/L account it is set under items and debits the WIP or finished goods or whatever inventory account under current assets.
Correct
What we should do with the remaining amounts of overhead and DL in p&l??
Once i do inventory assembly, my wages expense account in p&l shows a negative figure of the total wages. Why is that?
Probably because you are allocating a lot more labor ro inventory that what you actually spent
How do I direct the credit to p&l accounts for non inventory items to a class? Mine are posting without a class.
Thanks
Whats a “credit to p&l accounts” ?
How can I run an inventory valuation report in QB desktop sorted by inventory asset account?
No
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