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Old 01-02-2012, 03:43
ojyllek's Avatar
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Default Closing inventory

OK, so this is my first year filing taxes as a business.
I have read everything I can. Googled everything I can think of, and can't find what I am looking for. My guess is I just don't have the right words.

My closing inventory- looks like it should be all on-hand items that are made but weren't sold, plus any raw materials I have.

But my question- for my made items- do I count the cost of the materials, or the retail cost? My guess is the material cost (since it is the "cost of goods" section), but wondered on you all's interpretation.
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Old 01-02-2012, 03:51
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Default Re: Closing inventory

I don't know. That is very confusing to me. How could you ever know how much inventory you have left? It's not like I count and write down every inch of ribbon I use.
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Old 01-02-2012, 06:48
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Default Re: Closing inventory

Just cost of materials unless you paid someone else for their labor. I do keep track of ribbon amounts with a spreadsheet. It's not a big deal with 5 yd rolls, but it is no fun trying to measure how much of a 100 yd spool is left at the end of the year so when I use a new spool, I mark 5 yds from the start of the spool and keep track every time I mark off another 5 yds and at the end of the year, I have 5 yds or less to measure of each ribbon. For instance, if I have a 100 yd spool of 5/8" yellow grosgrain and I've marked it off 4 times, I know that the current mark is at 80 yds. If there is 1 1/2 yds of ribbon beyond that mark that then I have 81 1/2 yds of that ribbon. I hope that wasn't too confusing!

One thing I was wondering though. There was a local fabric store and the owner said she didn't have to count inventory until the end of January so she'd have sales throughout Jan to reduce her stock. That never seemed right to me and I always do it in Dec. Does anyone know if she was correct or not?
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Old 01-02-2012, 10:00
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Default Re: Closing inventory

Quote:
Originally Posted by barleymom View Post
One thing I was wondering though. There was a local fabric store and the owner said she didn't have to count inventory until the end of January so she'd have sales throughout Jan to reduce her stock. That never seemed right to me and I always do it in Dec. Does anyone know if she was correct or not?

Not sure if it depends on how your business is set up. I am a manager at The Gap and we run on a fiscal year so our year there doesn't start over until Feb 1st.
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Old 01-02-2012, 10:41
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Default Re: Closing inventory

The company I worked for did it anywhere from the end of January to the 1st week of March. The first few yrs. it was always done on the Monday after the Superbowl so everyone had to work Superbowl Sunday from 4 to 10 pm
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