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Real Price - LIFO/FIFO Missing First Purchase?

By
Zura Tsiklauri
on 1/28/15, 1:35 AM 697 views

Can anyone explain/advise me why is it that the cost of the product isn't updated when using real price(Lifo/Fifo)? The cost is only updated after the first sale. Meaning that in the first sale there is no GOGS written off, product expense account does'nt have any amount in the journal entry. I beleive its a problem. Please explain if its isnt.

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Asked: 1/28/15, 1:35 AM
Seen: 697 times
Last updated: 3/16/15, 8:10 AM