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COGS and exchange rate and income statement
I'm have a real bugger of a time with my income statement and COGS.
For example:
I purchased an item from a vendor at 100 EUR
I paid the bill at the exchange rate of 1.332 ( Sounds like a dream now)
My cogs account says the kit cost me 129.16
My question is how does that work? Shouldnt the COGS reflect $133.20?
Regardless, that's pretty close to the truth - so in the income statement we have the COGS roughly (but only roughly) reflecting the cost of the items in the expense side, but where is the difference? Or how do I get know/fine tune the cogs to be correct. This happened on an item where none of the items was part of an inventory adjustment or return, so it should really be straight forward, right?
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