Used CPO Trucks (Franchise Only)—Retail

• ACCOUNT EXPLANATION
• TRANSACTIONS
• COMMENTS

Sales: Selling price, less overallowance, of Used CPO (Franchise Only) trucks sold to retail customers.

Cost of Sales: Inventory value, excluding reconditioning costs, of used CPO trucks sold to retail customers.

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

• 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 used trucks are retailed, the inventory value, excluding reconditioning costs, of the units should be charged to Account 4970, Cost of Sales—Used CPO Trucks (Franchise Only)—Retail.
• Dealers who need to maintain records of gross sales and/or overallowances on used vehicle 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 3971 Used CPO Trucks (Franchise Only)—Retail—Overallowances, to which overallowances should be debited. Gross sales amounts should be credited to Account 3970.