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

    Mar 13, 2009, 01:55 PM
    Cost of good sold
    If I am using first in first out and sell some units are the sold units considered an asset or an expense
    asastring's Avatar
    asastring Posts: 13, Reputation: 3
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    #2

    Mar 13, 2009, 06:53 PM

    Receipts from the sale could be entered as cash/receivables. Sale would eventually make it to an income statement with a cost of goods calculation. FIFO or LIFO makes no difference.
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