Newbie with a startup business

[Aaron Gaudio]

On Wed, 2004-08-25 at 14:06 -1100, Bill Wisse wrote:
> > IANAA, but unless you actually are talking about a commodity or a
> > security, I don't think this would fall under acceptable accounting
> > rules, which means it's probably not very useful to do this. Typically,
> > I believe inventory is valued at its cost of production up until the
> > time you actually sell it (in which it's not inventory anymore, but
> > gross income).
> 
> Wouldn't that be Cost of goods Sold instead of gross income?
> 

I should have clarified. I meant the sale price would go to gross
income; the cost of production would go to cost of goods sold.

-- 
Aaron Gaudio <prothonotar at tarnation.dyndns.org>