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Rodney_165
Level 1

COST OF GOODS SOLD

Hello, If i use the standard method of calculating Cost of Goods sold i.e Opening stock + Purchases - Closing stock will i get the same result with what quickbooks calculates when it uses the weighted average cost?

Solved
Best answer January 28, 2020

Accepted Solutions
Ashleigh1
QuickBooks Team

COST OF GOODS SOLD

Hi Rodney_165, 

 

The way in which QuickBooks, works out the cost of goods sold is no by the weighted average cost, it works it out using the first in first out system. It is the cost of sale is calculated on the actual sale. Here is a link that will help you with this. 

https://quickbooks.intuit.com/learn-support/en-uk/help-articles/what-is-fifo-and-how-is-it-used-for-...

View solution in original post

1 REPLY 1
Ashleigh1
QuickBooks Team

COST OF GOODS SOLD

Hi Rodney_165, 

 

The way in which QuickBooks, works out the cost of goods sold is no by the weighted average cost, it works it out using the first in first out system. It is the cost of sale is calculated on the actual sale. Here is a link that will help you with this. 

https://quickbooks.intuit.com/learn-support/en-uk/help-articles/what-is-fifo-and-how-is-it-used-for-...

View solution in original post