483 – Gas, Oil, & Grease Subaru Express Service

Parts And Accessories Department

Sales Synopsis

Account 483

Debits

Credits

 

  1. The actual selling price of all gas, oil, grease, and other similar fluids sold, such as brake fluid, antifreeze, windshield washer fluid, and solvents as per description in Debits.

683 – Gas, Oil, & Grease Subaru Express Service

Parts And Accessories Department

Cost of Sales Synopsis

Account 683

Debits

Credits

  1. The cost of all gas, oil, grease, and other similar fluids, such as brake fluid, antifreeze, windshield washer fluid, and solvents sold on Express repair orders. For Retailers that only sell Subaru products, this account would include GOG sales on other make units since it’s done in the Subaru shop.  If the Retailer sells/reports Other Brands on their Financial Statement, then the GOG sales done in the Other Makes service department would go to Account 490B – Gas, Oil & Grease – Other.

  2. The adjustment required when the physical inventory is less/more than the account (book) balance.

 

 

Remarks:

Express Gas, oil, and grease (lubricants) should be costed in accordance with the latest cost prices available, at the lower of cost or market value.

 

Liquid and bulk inventory is high risk.  Strict controls and monthly inventory checks and adjustments should be standard procedure.  Shortages resulting from lack of controls or proper costing procedures can then be recognized and corrected on a timely basis.   Adequate internal controls, using written authorizations, should be maintained in dispensing these materials

 

Costing methods and prices should be reviewed periodically for accuracy. Unless the costing of materials is accurate, sizeable inventory adjustments will be necessary at year-end, or upon a physical inventory reconciliation.