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How does the unit livestock price method works?

Ending inventory value of livestock if the unit livestock price method is used?

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How would you value the ending  inventory  of a calf that was purchased for $700. 00 during the year and the unit livestock price method is used? The current market price is $800.

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By Unamathis
Feb 22nd 2017 04:39

You are required to value your livestock at the end of each year as part of determining your net income from primary production.

You can choose to value livestock at cost, market selling value or replacement value. An additional option is available for certain horse breeding stock.

You may change the basis of valuation year by year. You may also use different valuation methods for different stock in the same year. However, the value of your opening livestock (at 1 July) each year must be the same as the value of your closing stock (at 30 June) for the previous year. That is, you must use the same valuation method at the beginning of the new income year as you used at the end of the previous income year.

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Apr 1st 2017 10:14

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By debramoragandeb
May 2nd 2017 09:36

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By debramoragandeb
May 5th 2017 07:33

You can sell it according to the current prices if you want to. I don’t know how many shares you own but you should try selling them when the price is profitable to you. There is no use in holding them forever. directv choice package

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