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I have been trying to find an example of how to sell bulk wine. You see, ~ 65% of our production is sold as either bulk juices or wines. In the courses, we are not shown if bulk wines and/or juices are set up as inventory items with costs of goods accounts and associated inventory accounts or if they just follow into the bulk costing pools. In the COA’s videos this is implied, but not demonstrated. Please help.
Bulk wine…I need to do a mini-course on this. In the meantime, DO NOT set up inventory item for them. Set them up as a Non-Inventory type. This will allow you to track the number of gallons sold. The costing portion is calculated in the costing book. The bulk lots get an allocation of costs as usual. On the right side of the worksheet insert a column for “Bulk Wine Sales” and enter a negative number. You then enter a journal entry to record the cost of the bulk wine.
Hope that helps for now.
I sold 80 gallons of 2017 Pinot in bulk. I am setting up the Item, I have added gallons as a unit of measure..
— Account – does it go under the COG Wine Account or the Wine Sales Account since we will be doing a journal entry?
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