Thursday, 16 March 2017

How can you Estimate your Inventory

Inventory management is a crucial part of accounting, especially for those businesses dealing in physical goods. Companies sometimes need to estimate the value of their inventory during a financial year. It may be  for maintaining periodic financial records or to estimate damage or theft of inventory. While it may not be difficult for those dealing in a few products, but for large companies where the physical count is impossible, you need techniques to estimate the value of your inventory. There are two procedures to calculate, namely inventory- gross profit method and retail method.

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