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9
940alex
June 10, 2021
Solved

Cost vs Average Cost Report

  • June 10, 2021
  • 2 replies
  • 11 views

I need a report which shows these columns: Item, Cost, Average Cost and Sales Price.

 

Just noticed I had a loss in XX item sold because I base Sales Price on the Cost (theoretic cost), but the actual Average Cost is higher due to a high prorrated Freight in the Purchase or because Vendor incremented prices and Accounting didn't notice and just captured Bill with that price.

 

With this report I can compare my "theoretic" Cost vs the Actual Average Cost and update my Sales Price accordingly.

Currently I found that the inventory valuation report Shows my "Average Cost" and "Sales Price" which I can work with to make same analysis, but having the "theoretic" cost column could give me better insight.

 

Thanks

Best answer by katherinejoyceO

Hello there, @940alex. 

 

Thanks for coming to the Community today. I understand you'll need to get a report that shows the information you need (Item, Cost, Average Cost, and Sales Price) in columns.

 

At the moment, we're unable to pull up a specific report that'll show this information. What you've found is a good workaround. 

 

Additionally, you'll want to export both reports to manually get the data needed. 

 

I've got you this article as your guide in exporting your reports to excel from QuickBooks Desktop: Export reports as Excel workbooks in QuickBooks Desktop. 

 

Let me know if you have more or other concerns. I'm always around here to help. 

 

2 replies

katherinejoyceO
katherinejoyceOAnswer
Level 9
June 10, 2021

Hello there, @940alex. 

 

Thanks for coming to the Community today. I understand you'll need to get a report that shows the information you need (Item, Cost, Average Cost, and Sales Price) in columns.

 

At the moment, we're unable to pull up a specific report that'll show this information. What you've found is a good workaround. 

 

Additionally, you'll want to export both reports to manually get the data needed. 

 

I've got you this article as your guide in exporting your reports to excel from QuickBooks Desktop: Export reports as Excel workbooks in QuickBooks Desktop. 

 

Let me know if you have more or other concerns. I'm always around here to help. 

 

9
940alexAuthor
June 10, 2021

Hi Katherine. Thanks for your reply.

 

I agree there is a report where I can get the "Theoretical" Cost, and then there's the one where I can get "Average Cost". And yes I can export them both and put them together with a vlookup. As a work around.

R
RCVQuickBooks Team
QuickBooks Team
July 13, 2023

Hi there, hautecreations.

 

The option to run a report to show the Item, Cost, Average Cost, and Sales Price columns is unavailable. What we can do is run the Inventory Valuation Summary report to show the Average Cost and Sales Price. Then, export the report to Excel to modify the column to add the theoretic cost column. Here's how to run the Inventory Valuation Summary report: 

 

  1. Go to Reports, on the top menu.
  2. Select Inventory.
  3. Select Inventory Valuation Summary, then set the dates to All.
  4. Double-click the item in question.

 

Also, when you sell what you don't have in stock, QuickBooks will post the current average cost to COGS. QuickBooks compares them to the average cost used when selling what you do not have when you buy items. If there's a difference, QuickBooks makes an adjustment entry to both inventory assets and COGS. To learn more about computing the average cost and know which report will help with inventory management, check out this article: Understand inventory assets and cost of goods sold tracking.

 

In this particular situation, I recommend sending a message to the product engineers to let them know you'd like to have the option to run this kind of report. Here's how to get your feedback submitted:

 

  1. Go to the Help menu and select Send Feedback Online.
  2. Click Product Suggestion.
  3. Choose a feedback type and product area on the QuickBooks Feedback window.
  4. Enter your suggestion or feedback, name, and email address (optional).
  5. Select the Send Feedback Online.

 

You might also want to read this article to know how QuickBooks tracks inventory: Understand inventory assets and cost of goods sold tracking.

 

Let me know in the comment section if you need more help in accomplishing your other QuickBooks tasks. I'll be right here to keep assisting.

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