Sales and Cost of Sales
| REMARKETED SUV/TRUCKS—WHOLESALE |
|
ACCOUNT |
| SALES |
3955 |
| COST OF SALES |
4955 |
|
|
ACCOUNT EXPLANATION
|
| Remarketed SUV/Trucks are used Ford Motor Company trucks sold to Ford and Lincoln Mercury dealers at closed auction. (I.E. Fleet repurchase vehicles, Ford Company Sales Vehicles, etc.)
Sales: selling price or remarketed SUV/Trucks sold to wholesale customers or junked.
Cost of Sales: Inventory value, excluding reconditioning costs, of units sold or junked.
*Refer to Chart of Accounts for current applicable Sales/Cost of Sales account numbers |
TRANSACTIONS
|
|
|
|
Jrnl. |
Dr. |
Cr. |
|
|
|
Sale of remarketed SUV/Trucks to a wholesale customer for cash |
|
UV |
|
|
|
|
Cash Sales—Clearing |
|
|
1010 |
|
|
|
|
Sales—Remarketed SUV/Trucks—Wholesale |
|
|
|
3955 |
|
|
|
|
|
|
|
|
|
Costing of remarketed SUV/Trucks sold to a wholesale customer |
|
UV |
|
|
|
|
Cost of Sales—Remarketed SUV/Trucks—Wholesale |
|
|
4955 |
|
|
|
Cost of Sales—Remarketed SUV/Trucks—Reconditioning—Wholesale |
|
|
4956 |
|
|
|
|
Inventory—Remarketed SUV/Trucks |
|
|
|
1365 |
|
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 wholesaled, the inventory value, excluding reconditioning costs, of the units should be charged to Account 4955, Cost of Sales—Remarketed SUV/Trucks— Wholesale, and reconditioning costs should be charged to Account 4956, cost of Sales—Remarketed SUV/Trucks—Reconditioning—Wholesale.
|
