If you ship product to a customer on the last day of the year, how would you record the sale in the year end financials that just eneded? What if it was included in COGS?
by 
orange nation
ANSWERS: 2
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Ummm...cust bought product during the FY, you shipped it during the FY...you record it in the FY. Your question did not cross and fiscal year endpoints. I don't understand the confusion.
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Interesting question indeed. Since the goods have been shipped the stock has been reduced. The sale can be recorded by Debiting the Customer and Crediting the Sales. But except for the direct costs COGS may not be known. For accounting the unknown portion of the COGS it can be either estimated or taken into account or taken in the next F/Y as expenses relating to previous year if permitted.
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