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Inventory - P&L Statement
heynetboy
subscriber Posts: 1
Hi,
I sell antiques and collectibles by renting booths in several antique shops in my tri-state area. I was wondering if any could give me any advice on how to do a profit & loss statement when I am not sure what the cost of the items I have sold? You see, in a few of my booths I have over 50,000 old postcards that when they are purchased the mall just records the sale as the quantity of postcards sold and the amount. There is no way for me to know which ones sold so I have no idea what I paid for them. Any ideas??
Thanks
I sell antiques and collectibles by renting booths in several antique shops in my tri-state area. I was wondering if any could give me any advice on how to do a profit & loss statement when I am not sure what the cost of the items I have sold? You see, in a few of my booths I have over 50,000 old postcards that when they are purchased the mall just records the sale as the quantity of postcards sold and the amount. There is no way for me to know which ones sold so I have no idea what I paid for them. Any ideas??
Thanks
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Comments
Erin
If you knew what your inventory was before anything sold (say item A, B and C) and you know what you have now (only item C didn`t sell), you should be able to figure out exactly what was sold (item A and and thus be able to trace that back to your cost for the items sold. You may not be able to get a gross profit per item sold, but you will be able to know your gross profit for all items sold.
Hope that helps.