Stock taking arrgh!

Discussion in 'General Business Forum' started by Robert, Apr 11, 2006.

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  1. Robert

    Robert Contributor

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    I buy packs of widgets from various suppliers depending of price and availability. I tip them into a big box and use them up as appropriate. They aren't all identical, but it doesn't matter.

    Whats the best way to value this box of widgets? Last price? Average price. FIFO price?

    How do you do it?
     
    Posted: Apr 11, 2006 By: Robert Member since: Dec 1, 2005
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  2. creospace

    creospace Contributor

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    you mean those thigns they put in cans to get a proper head on a pint of beer?

    What do you do exactly?

    Gary
     
    Posted: Apr 11, 2006 By: creospace Member since: Oct 31, 2005
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  3. Robert

    Robert Contributor

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    I was using widgets as a generic term I have various boxes of random items I need to stock take. :(
     
    Posted: Apr 11, 2006 By: Robert Member since: Dec 1, 2005
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  4. creospace

    creospace Contributor

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    ah I see !

    Sorry can't help :)
     
    Posted: Apr 11, 2006 By: creospace Member since: Oct 31, 2005
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  5. Robert

    Robert Contributor

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    Anyone else have a clue?
     
    Posted: Apr 12, 2006 By: Robert Member since: Dec 1, 2005
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  6. Joyous

    Joyous Contributor

    817 17
    FIFO and weighted average costs are the two most widely used methods with FIFO being the most common by far. UK accounting standards specifically prohibit LIFO.

    Have fun. :wink:

    Regards

    Joy
     
    Posted: Apr 12, 2006 By: Joyous Member since: Sep 11, 2005
    #6
  7. Hayles

    Hayles Contributor

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    FIFO ?? LIFO ??
     
    Posted: Apr 12, 2006 By: Hayles Member since: Nov 5, 2005
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  8. franbookkeeping&pay

    franbookkeeping&pay UKBF Newcomer

    15 0
    First in, first out

    Last in, first out

    HTH :D
     
    Posted: Apr 12, 2006 By: franbookkeeping&pay Member since: Feb 20, 2006
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