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Level 1

CoGs vs Inventory

Hello,

 

I am helping a small garden supply store start up their Quickbooks.  They purchase cylinders of propane/butane that they then sell to their customers.  

 

Would I bring the tanks in as an Inventory item rather than CoGs?

 

They do end up selling them, but I am not sure.

Solved
Best answer 03-17-2019

Best Answers
Level 12

Re: CoGs vs Inventory

Everything is inventory if it is resold. It is not cost of goods sold for any inventory purchase. It is only COGS when sold. Anything that can be counted has to be counted at least once per year and chances are they have a number of tanks in stock on 12/31

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1 Comment
Level 12

Re: CoGs vs Inventory

Everything is inventory if it is resold. It is not cost of goods sold for any inventory purchase. It is only COGS when sold. Anything that can be counted has to be counted at least once per year and chances are they have a number of tanks in stock on 12/31

View solution in original post

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