Suggested Closing Inventory Prices For 2017 Records
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.