I have a successful craft business. Not sure how to value finished, unsold goods that I have been carrying for a couple of years. They are unsellable
now because I have switched to online sales only and the products only sell well in person-to-person venues.
q. 1 - Is the value of these goods the cost for materials that went into the goods? Or should I also include an estimate of my personal labour involved?
q. 2 - Does this become "dead stock" that I apply as an inventory expense this year, or should I have applied it the year of production.
(In the year of production there were sellable goods that I had at the end of the year.)
now because I have switched to online sales only and the products only sell well in person-to-person venues.
q. 1 - Is the value of these goods the cost for materials that went into the goods? Or should I also include an estimate of my personal labour involved?
q. 2 - Does this become "dead stock" that I apply as an inventory expense this year, or should I have applied it the year of production.
(In the year of production there were sellable goods that I had at the end of the year.)
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