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Chapter 15. Keeping Track of Your Inventory > Taking a Physical Inventory Count

Taking a Physical Inventory Count

Typically, the value of the inventory is determined by taking a count of physical inventory items on hand at a specific time. Quantities of inventory items are confirmed, and cost is determined by using one of the several costing methods described earlier in this chapter.

The more frequently you count inventory, the more likely you are to be aware of any loss or damage to your inventory. Most companies count inventory once a year—at the end of the year when they are preparing their year-end financial statements.


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