cattle sales

[nova16]

This year , 2019, we purchased heifer calves to bred and sell in the same year, this year we could not sell in 2019 and are selling in 2020. how do we report the sales? Do we continue to post the sales in 2019 to offset expenses? thanks

[MinhT1]

You do not account for the unsold heifer calves as sales.

The unsold heifer calves are reported at cost price as Inventory as of year end. 

[nova16]

so I better understand:

this year, 2019, the purchase cost is recorded in, Cost of Items Bought for Resale. 

all expenses are recorded in year 2019.

next year, 2020, the sale is recorded in, Sales of Livestock and Other Items Bought for Resale.

Do we list the cattle in the Farm Asset Summary?

[MinhT1]

No, the Farm Asset summary only list fixed assets.

The heifer calves are listed in Inventory.

[nova16]

thank you, much appreciated