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Author: Myownigloo Big funky green star, 20000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 14983  
Subject: Re: Help with Inventory and Books Date: 8/14/2012 10:07 PM
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If you buy a lot of so many items, it would be reasonable to list each item in your inventory and assign a prorated value to it based on the purchase price.

This is what I was thinking. Kind of estimate what I think each item will sell for, what its market value is, tot it all up and then get a ratio with which to multiply against what I paid for it and get a cost for each item. I can do this.

At the end of your fiscal year add the value of your previous years inventory and all the inventory purchases you have made for the year. That gives you the total value of your purchased inventory.

"Previous year" meaning, again, fiscal year, right? That's going to be my next series of questions someday because I was put on a fiscal year reporting schedule by the state tax board. It's the first time I've had to deal with other than January through December! This is going to be fun.

Life is forcing me to become a bookkeeper/accountant. Which is okay by me.

You are led through this process if you examine the back of the Schedule "C" form for reporting business income if I am remembering correctly.

Thanks. I'll check that out!

MOI
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