Review basic aspects of inventory classifications and valuation.
Inventory is a current asset on the balance sheet. When classifying inventory, it should be looked at by how close the inventory is to being sellable. Retailers and wholesalers will only have one classification, finished goods. But manufacturers may have three which are listed in the reverse order of preparedness for sale. This video reviews these classifications as well as inventory valuation, and how inventory affects the financial statement.
- Founder and president of NumberCruncher.com, Inc.
- NumberCruncher is a developer of inventory and orders management software for product-centric SMBs in manufacturing, wholesale and e-commerce
- Has held positions in technology and accounting firms
- CPA, University of Illinois; CA designation, the Institute of Chartered Accounts of Ontario; B.B.A. degree, York University’s Schulich School of Business
- Can be contacted at [email protected] or 954-302-6811
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