Remarketed SUV/Trucks—Retail

• ACCOUNT EXPLANATION
• TRANSACTIONS
• COMMENTS

ACCOUNT EXPLANATION

Sales: Selling price, less overallowance, of remarketed SUV/Trucks sold to retail customers.

Cost of Sales: Inventory value, excluding reconditioning costs, of units sold.

*Refer to Chart of Accounts for current applicable Sales/Cost of Sales account numbers

TRANSACTIONS

COMMENTS

• The cost of each vehicle and reconditioning costs should be obtained from the subsidiary vehicle inventory record. Sales data should be entered on the vehicle inventory record.
• When remarketed SUV/Trucks are retailed, the inventory value, excluding reconditioning costs, of the units should be charged to Account 4950, Cost of Sales—Remarketed SUV/Trucks—Retail. Accumulated reconditioning costs should be charged to Account 4951, Cost of Sales—Remarketed SUV/Trucks—Reconditioning—Retail.
• Dealers who need to maintain records of gross sales and/or overallowances on used SUV/Truck sales may use one of two methods:
  

  1.	Record gross sales and/or overallowances as memo items in the Vehicle Sales Journal, without regard to vehicle line, or:
  2.	Establish a separate account, using Account 3951, Sales—Remarketed SUV/Trucks—Retail—Overallowances, to which overallowances should be debited. Gross sales amounts should be credited to Account 3950.