Weighted Average Cost for Inventory
What have been others experience on weighted average cost and reconciling the clearing account. We have the following scenario:
Receipt for 1000 10Eaches at $100
Inventory 1000
Clearing Account 1000
Assume average cost is $99
Voucher comes in at 10 eaches at $90.
Our Purchasing has been canceling the receipt
Clearing Account 999
Inventory 999
Rereceive for 90
Inventory 900
Clearing Account 900
Voucher
Clearing Account 900
Accounts Payable 900
This leaves $1 in the clearing account. Not sure how to clear that up.
Any help would be appreciated.