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#1
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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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You don't need a weatherman to know which way the wind blows - Robert A. Zimmerman |
#2
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Price when new.
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-Justin 91 560 SEC AMG - other dogs dd 01 Honda S2000 - dogs dd 07 MB ML320 CDI - dd 16 Lexus IS250 - wifes dd it's automatic. |
#3
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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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You don't need a weatherman to know which way the wind blows - Robert A. Zimmerman |
#4
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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. |
#5
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Quote:
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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1980 300TD-China Blue/Blue MBTex-2nd Owner, 107K (Alt Blau) OBK #15 '06 Chevy Tahoe Z71 (for the wife & 4 kids, current mule) '03 Honda Odyssey (son #1's ride, reluctantly) '99 GMC Suburban (255K+ miles, semi-retired mule) 21' SeaRay Seville (summer escape pod) |
#6
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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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You don't need a weatherman to know which way the wind blows - Robert A. Zimmerman |
#7
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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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KLK, MCSE 1990 500SL I was always taught to respect my elders. I don't have to respect too many people anymore. |
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