Make Connections

Network, Get Answers, Find Members in Your Area, and More!

Forums » Accounting & Financial Management

Inventory - P&L Statement

    • 59 posts
    November 19, 2007 12:05 AM EST
    First, I agree 100% with the suggestions that Erin made and believe you should implement one of these ideas in the future.  However, that obviously will not help you with the past, so here goes...

    If you knew what your inventory was before anything sold (say item A, B and C) and you know what you have now (only item C didn`t sell), you should be able to figure out exactly what was sold (item A and B) and thus be able to trace that back to your cost for the items sold.  You may not be able to get a gross profit per item sold, but you will be able to know your gross profit for all items sold.

    Hope that helps.


    ---
    Gina L. Gwozdz, CPA
    http://GLGcpa.com
    http://TaxTreasures.com

    • 1 posts
    November 18, 2007 4:48 PM EST
    Hi,
    I sell antiques and collectibles by renting booths in several antique shops in my tri-state area. I was wondering if any could give me any advice on how to do a profit & loss statement when I am not sure what the cost of the items I have sold? You see, in a few of my booths I have over 50,000 old postcards that when they are purchased the mall just records the sale as the quantity of postcards sold and the amount. There is no way for me to know which ones sold so I have no idea what I paid for them. Any ideas??
     
     
    Thanks
    • 621 posts
    November 18, 2007 5:19 PM EST
    Ask them to write down which are sold. Or if you keep them in a plastic sleeve a upc kind of code could be applied, or you can number them....which would be hard. Something like a sales journal, similar to this but of course optimised for what you need.
    Erin

    ---
    Our Goal Is Your Success!
    Founder Girls with Goals