Record Book Keeping Inventory

What is inventory? Inventory = a written record of items used in a student’s SAE project Items MUST be agriculture related!

Calendar year for Inventory Jan 1 – Dec 31 You can have something in your inventory on Jan 1, and sell it, and it not show up on Dec 31 You can not have something in your inventory on Jan 1, and buy it, and it show up on Dec 31 If you buy something on May 3 and sell it in Sept, you will not include it in your inventory

Two types of inventory Current/operating inventories = items used for one year or less Ex: growing crops, feed, market livestock Non-current/capital inventories = items used for more than one year Ex: Breeding livestock, equipment, buildings, land

Quantity Example: If on Jan 1st you have 5 goats and you buy 3 more throughout the year and have 8 total on Dec 31… you would record the quantity as: 5 head/8 head If the number of goats does not change (because you did not buy or sell goats)… then you would right it as: 5 head