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Adjusting Inventory $ Leaving Quantity Same

edited Nov 26, 2019 8:42AM in Accounting / ERP 11 comments

Our CPA is getting ready to start our tax return. We have lots of inventory items that are still "sellable" however they have lost a lot of their value.

For example, 2 years ago we purchased 20 widgets for $100 each. We only sold 5 and still have 15 in stock. We don't want to write them all off because we may still sell them.

Our vendor has advised us that a 2 year old new widget is now only worth $25 each.

How can I adjust the $ amt of the inventory (offset the inventory adjustment worksheet) while keeping our quantities intact?

Thanks,

Chris

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