1. Record Book Keeping
Inventory

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

3. 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

4. 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

5. 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