@edselg58 wrote:
my wife makes fused glass items, jewlery and slumped glass bottles all of which are different. Do we just count the total number of items for the purposes of beginning inventory? Im confused.
You just need to do a physical count of your inventory which, obviously, will result in a dollar total.
As mentioned, if this is your first year in business, then your beginning inventory will be zero and the dollar total from your count will be placed in the "Purchases" category.
At the end of the year, you can take another physical count and that result will be your ending inventory.
The basic formula never changes:
Beginning Inventory PLUS Purchases MINUS Ending Inventory EQUALS Cost of Goods Sold.
