If merchandise is returned and restored to inventory, the Cost of Goods Sold account is credited. However,
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If merchandise is returned and restored to inventory, the Cost of Goods Sold account is credited. However, if merchandise is returned but not restored to inventory (because it is not resaleable), Cost of Goods Sold is not credited. Why not?
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If the inventory is not resaleable it cannot be included in inventory ...View the full answer
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Related Book For
Financial Accounting Tools for Business Decision Making
ISBN: 978-1118644942
6th Canadian edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso, Barbara Trenholm, Wayne Irvine
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