{"id":136,"date":"2021-03-24T01:05:52","date_gmt":"2021-03-24T01:05:52","guid":{"rendered":"https:\/\/mywebaccountants.com\/?p=136"},"modified":"2021-03-24T01:08:03","modified_gmt":"2021-03-24T01:08:03","slug":"e-commerce-selling-how-to-calculate-your-inventory-value","status":"publish","type":"post","link":"https:\/\/mywebaccountants.com\/index.php\/2021\/03\/24\/e-commerce-selling-how-to-calculate-your-inventory-value\/","title":{"rendered":"e-Commerce Selling: How to calculate your Inventory Value"},"content":{"rendered":"\n
\"\"
e-Commerce Selling: Calculating inventory<\/figcaption><\/figure><\/div>\n\n\n\n

Calculating Inventory Value and Cost \u2013 The Importance<\/h2>\n\n\n\n

We all know the importance of holding the correct inventory levels in our business, ensuring we meet customer demand, yet minimising stock holding costs and risks of obsolesce. However, do you know the impact of ensuring you have inventory recorded at the correct value?<\/strong><\/p>\n\n\n\n

UK Accounting Standards (FRS 102) state that inventory must be held in the company records at the lower of cost and the estimated selling price less costs to complete and sell. But how do we calculate cost?<\/p>\n\n\n\n

Many SME business\u2019 value their inventory based on the most recent purchase invoice from their supplier as this is the easiest method, however, is this accurate and what about the valuation of work in progress?<\/p>\n\n\n\n

Calculating the inventory \u201ccost\u201d<\/h2>\n\n\n\n

Below is a summary of what should make up the calculation of \u201ccost\u201d for each line of inventory<\/p>\n\n\n\n

Cost of purchase must include<\/strong><\/td>Further comments<\/strong><\/td><\/tr>
Purchase price<\/td>Inventory should be recorded at the spot rate at the date of the transaction if purchased in a foreign currency.<\/em><\/td><\/tr><\/thead>
Import duties and other taxes<\/td>These costs should be included unless recoverable from the relevant authorities.<\/em><\/td><\/tr>
Transport and carriage costs<\/td>These costs should be included to the extent that they are directly attributable to the purchase of inventory.<\/em><\/td><\/tr>
Trade discounts and rebates<\/td>Any trade discounts or rebates should be deducted from the cost amount.<\/em><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n
Cost of conversion (work in progress) must include:<\/strong><\/td>Further comments<\/strong><\/td><\/tr>
Costs directly related to converting raw materials into finished goods<\/td>For example:
\u2013 Direct labour (to include: gross wages, employers NIC, pensions, employee benefits)
\u2013 Subcontractor costs
\u2013 Specific components<\/em><\/td><\/tr>
Variable production overheads<\/td>For example:
\u2013 Indirect materials (adhesives, packaging etc.)
\u2013 Indirect labour (to include: gross wages, employers NIC, pensions, employee benefits)<\/em><\/td><\/tr>
Fixed production overheads<\/td>For example:
\u2013 Depreciation of plant, equipment, factory buildings
\u2013 Maintenance of plant, equipment, factory buildings
\u2013 Factory management costs and administration<\/em><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

Once the cost has been established, there are several valuation methods permitted under UK accounting standards, which are:<\/p>\n\n\n\n

  • Specific Identification \u2013 this method is used for inventory items that are one-off bespoke items or produced for specific projects.<\/li>
  • FIFO (First items to enter the inventory are the first to be used)<\/li>
  • Weighted average<\/li><\/ul>\n\n\n\n

    Depending on the valuation basis used, it is clear from the above that you may end up with differing values for stock and work in progress. The impact of this difference on the financial statements is potentially significant and we have provided a worked example below to show the difference under both the FIFO and weighted average bases of valuing inventory:<\/p>\n\n\n\n

    Valuing Inventory Example<\/h3>\n\n\n\n

    Best Products Limited holds 200 widgets at its year end of 31 December 2017. The company\u2019s purchases and sales of stock in the year were as follows:<\/p>\n\n\n\n

    Date of transaction<\/strong><\/td><\/td>Quality of widgets<\/strong><\/td>Invoice price per unit<\/strong><\/td>Total cost<\/strong><\/td><\/tr>
    1\/10\/17<\/td>Purchase<\/td>150<\/td>\u00a32<\/td>\u00a3300<\/td><\/tr>
    1\/11\/17<\/td>Purchase<\/td>100<\/td>\u00a32.50<\/td>\u00a3250<\/td><\/tr>
    1\/12\/17<\/td>Sold<\/td>(50)<\/td>\u00a35<\/td><\/td><\/tr>
    31\/12\/17<\/td><\/td>200<\/td><\/td><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

    Using the FIFO method of valuation, the stock would be valued at \u00a3450 at 31 December 2017 or \u00a32.25 per unit [(150-50) x \u00a32 + (100 x \u00a32.50)].<\/em><\/p>\n\n\n\n

    Using the weighted average method, the stock would be valued at \u00a3440 at 31 December 2017 or \u00a32.20 per unit [(150 x \u00a32) + (100 x \u00a32.50)x 200\/250].<\/em><\/p>\n\n\n\n

    Impact on profitability<\/h3>\n\n\n\n

    If we consider the impact on profitability under the two scenarios:<\/p>\n\n\n\n

    Year end 31\/12\/2017<\/strong><\/td>FIFO<\/strong><\/td>Average cost<\/strong><\/td><\/tr>
    Sales<\/td>250<\/td>250<\/td><\/tr>
    <\/td><\/td><\/td><\/tr>
    Purchases<\/td>500<\/td>550<\/td><\/tr>
    Less closing stock<\/td>(450)<\/td>(440)<\/td><\/tr>
    Total purchases<\/td>100<\/td>110<\/td><\/tr>
    <\/td><\/td><\/td><\/tr>
    Profit before tax<\/strong><\/td>150<\/strong><\/td>140<\/strong><\/td><\/tr>
    Gross profit margin<\/td>60%<\/td>56%<\/td><\/tr>
    Tax (19%)<\/td>(29)<\/td>(27)<\/td><\/tr>
    Profit after tax<\/strong><\/td>121<\/strong><\/td>113<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

    As can be seen from the above, the gross profit margin is affected by the valuation method chosen, which in turn impacts upon profitability and the tax payable.<\/p>\n","protected":false},"excerpt":{"rendered":"

    Calculating Inventory Value and Cost \u2013 The Importance We all know the importance of holding the correct inventory levels in our business, ensuring we meet customer demand, yet minimising stock holding costs and risks of obsolesce. However, do you know the impact of ensuring you have inventory recorded at the correct value? UK Accounting Standards […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[27,17],"tags":[],"class_list":["post-136","post","type-post","status-publish","format-standard","hentry","category-business-support","category-my-web-accountant-blog"],"yoast_head":"\ne-Commerce Selling: How to calculate your Inventory Value - My Web Accountants<\/title>\n<meta name=\"description\" content=\"UK Accounting Standards (FRS 102) state that inventory must be held in the company records at the lower of cost and the estimated selling price less costs to complete and sell. 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