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How to allocate variances for standard cost items to inventory

edited Jun 2, 2025 2:43PM in Ask A Guru 5 comments

Hi There

Is there a way to allocate the variances- mainly purchase price variance- to inventory on hand?

For example:

the standard cost of item A is set too low at $50/each.

At the end of the month, there is $1000 coded to the purchase price variance cogs account.

How can we reallocate this to the inventory that is on hand and to the cogs account for the inventory that is sold?


Thanks

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