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    jusclif's Avatar
    jusclif Posts: 1, Reputation: 1
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    #1

    Aug 22, 2006, 02:50 PM
    Posting Costs Of Goods Sold
    Why is it inappopriate to post goods puchased at the time of purchase instead of the time actually sold??
    adiwsusanto's Avatar
    adiwsusanto Posts: 5, Reputation: 1
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    #2

    Mar 12, 2008, 03:08 AM
    That's not true. That's actually the correct way of doing it. When you purchase your inventory you should Dr. inventory & Cr. Your payable and Dr. COGS and Cr. Inventory when you sold the goods
    morgaine300's Avatar
    morgaine300 Posts: 6,561, Reputation: 276
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    #3

    Mar 16, 2008, 02:01 PM
    The question is seven months old.

    But for anyone reading this...

    The person titled it "posting to cost of goods sold." Meaning they were asking about why it's incorrect to post to cost of goods sold when it's purchased, not post to the inventory account. And posting to cost of goods sold at the time of purchase is indeed incorrect.
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