Suggested Closing Inventory Prices For 2017 Records
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A uniform set of closing inventory prices for farm products can be used for several purposes. A net worth statement or balance sheet should be developed on or around January 1 to measure the financial progress of the farm from year to year. An up-to-date balance sheet is also requested by most lenders when a loan application is made. Inventory prices can be used to value the crops, livestock, and supplies that the farm has on hand at the time the statement is taken.
Plastina, Alejandro; Hart, Chad; and Schulz, Lee, "Suggested Closing Inventory Prices For 2017 Records" (2017). Extension and Outreach Publications. 468.
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