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How do I determine my inventory value when everything I make is made to order?
I make handmade crocheted goods to sell at a local gallery. I started and ended with zero additional completed items.
2 weeks ago
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Self-employed
For finished, manufactured, or constructed goods, you can include the following in the cost:
- Cost of raw materials used
- Cost of labour directly used to make the item
- Reasonable share of overhead costs
For raw materials purchased for use in a building or manufacturing process, you can include the following in the cost:
- Invoice cost
- Customs and non-refundable excise tax
- Transportation costs
- Storage costs (where significant)
2 weeks ago