USA Inventory

Apr 10, 2018
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United States
The company I work for is an existing company. In December we bought material and expensed it under material as a non-inventory part, and at the time we were not selling it. As of January 1st. I entered all the inventory on hand in an inventory adjustment to show what we had on hand. This is when he wanted to begin selling it. My problem is it was expensed in Dec. 2017 when I entered the inventory adjustment in January I need the adjustment account to be COGS. This way my balance sheet (Inventory Asset) and Inventory Valuation match, however because I am using the COGS for the adjustment account it seems to be expensing it twice. Obviously in Dec. 2017 under the material expense account and now again in January 2018 under the COGS account. I think I can make a journal entry to fix it, not sure exactly what journal entry to make. If that is not the case how do I fix this. Any help would be much appreciated.


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