Over the years, the accounting profession hasn’t managed to settle on just one method for recording cost of goods sold and inventory cost [for unique products]. Different methods have been allowed for many years. A business is entirely at liberty to... 

In addition to normal accounting matters, businesses that manufacture products face additional accounting problems that retailers and distributors do not. Note that throughout this post, I use the term manufacture in the broadest sense: Automobile makers... 

Although a physical inventory is taken once a year, there are occasions when the value of the inventory must be known during the year. When interim financial statements are requested, an inventory amount must be estimated. If no physical count is taken,...