Stocktaking Guidance

[Trugmaker]

I am a one-man-band Trug Maker. I have a few questions:-
1) I have material in stock which of course is included in the stocktake
2) I constantly turn the material into ready to sell Trugs, do I price the 'made' a) trugs purely as their material content b) their completed cost to me c) Retail value
3) Do I include tools and machinery in Stocktake
4) Do I include office equipment and printed stuff

 

[Scalloway]

Stock should be valued at cost so:

2 a) if you are a sole trader and do the work yourself with minimal costs other than materials
2 b) include other significant costs including wages and other direct costs, eg electricity used.
3. Tools and machinery go on your Balance Sheet as Fixed Assets
4. Only if they have a significant value.