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  #1  
Old 11-02-2007, 12:17 PM
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Inventory Question

When doing inventory for items that you purchase on a regular basis but are non perishable do you use the current invoice price or the price on the invoice that came with the item?

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Old 11-02-2007, 12:43 PM
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Price when new.
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Old 11-02-2007, 12:45 PM
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Quote:
Originally Posted by W124.090 View Post
Price when new.
So price the 50lbs of flour from last month at this month's price?

Any pros or cons or is it a legal requirement?
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  #4  
Old 11-02-2007, 12:57 PM
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LIFO / FIFO / Avg Value

http://pages.stern.nyu.edu/~adamodar/New_Home_Page/AccPrimer/inventory.htm

Far as the IRS is concerned, basically pick one and stick with it.
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  #5  
Old 11-02-2007, 01:06 PM
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Quote:
Originally Posted by Kuan View Post
When doing inventory for items that you purchase on a regular basis but are non perishable do you use the current invoice price or the price on the invoice that came with the item?
Ideally you would have each particular lot or item from individual invoices at their price when new. Ex. 1 box of fungicide purchased at $100 on 12/06 and 2 boxes fungicide purchased at $125 on 7/07. On our high dollar items that's how we track it (from individual invoices), but on some of our products we would just have that average of $116.67/cs.

Our goal is to have the most accurate cost of goods on the shelf. It makes it easier come audit time with our accountants to since they can see the prices right in front of them as opposed to having to figure out that average of different prices from the invoices + freight/total cases on the shelf at which price.
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Old 11-02-2007, 06:55 PM
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Thanks for the pointers guys. Guess the answer is like many other IRS questions. Just be consistent.
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  #7  
Old 11-02-2007, 11:16 PM
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Did an inventory system for a major Corp years back.

CFO explained there are three inventory accounting methods

LIFO, FIFO and FISH

Last in First Out

First in First Out

and







First In Still Here !!!!

We had a lot of dead inventory.

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