Inventory writte off
I have an inventory item (value $1300.00) that was stolen in 2009, and never recovered. Do I simply do an inventory adjustment with explanation? To what account would this be charged?
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02/03/10 1:53pm PST
Viewed by asker 07/16/10 1:49pm PDT
Viewed by asker 07/16/10 1:49pm PDT
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Michelle Long CPA
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Yes, you should do an inventory adjustment with an explanation. You can post it to an Other Expense account -- theft. Or, as a cost of goods sold account -- inventory loss / shrinkage. The adjustment should be for the # of items--which will be valued at average cost.
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