USA Adjusting Weighted Average in Inventory Valuation for increased costs

Joined
Sep 10, 2022
Messages
1
Reaction score
0
Country
United States
Hello! I am self taught and am wondering how to make accounting adjustment when the weighted average of cost of inventory has gone up dramatically. The value of my raw and finished good inventory had increased now that I have had to purchase materials at a higher price. My COGS is not accurate because the costs have now doubled on new products. Can I "reset" the average and apply the valuation change somewhere in my chart of accounts? And then how is this valuation change going to effect my profit and loss and balance sheet? How will it effect my taxes come reporting time? Any advice would be appreciated.
 

Ask a Question

Want to reply to this thread or ask your own question?

You'll need to choose a username for the site, which only take a couple of moments. After that, you can post your question and our members will help you out.

Ask a Question

Similar Threads


Members online

No members online now.

Forum statistics

Threads
11,663
Messages
27,632
Members
21,467
Latest member
howtobecomeabusinessanaly

Latest Threads

Top